AdAlta Ltd (ASX:1AD) CEO Tim Oldham tells Proactive the company has raised $1.87 million through an oversubscribed shortfall facility.
The cash flow comes as part of a non-renounceable pro-rata rights offer announced on April 28 and brings the total amount raised under the rights offer to the target amount of $3.15 million, excluding costs. The ASX-lister will channel the funds into a Phase 1 extension study for AD-214, its lead fibrosis asset.
A portion of the funding will also be dedicated to further AD-214 partnering negotiations and to explore synergistic technology and product transaction opportunities.
MacLeman said: "Our recent results linking a clinically convenient dosing of AD-214 every two weeks with efficacy in a key fibrosis process, and our positive partnering discussions at BIO2023, increase our confidence in the return on the new investments enabled by this financing round.
We are grateful to our existing and new shareholders who have supported it."
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