Join our daily newsletter At The Bell to receive exclusive market insights
- Arovella Therapeutics (ALA) enters a trading halt as it plans for an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Company shares will be halted until Monday, January 24, or when further details about the raise is released to the market
- Arovella is a biotechnology company developing therapies to treat human diseases, with a focus on oncology and conditions that impact the central nervous systems
- On the market, Arovella last traded at 3.9 cents per share
Arovella Therapeutics (ALA) has entered into a trading halt as it plans for an upcoming capital raise.
It is currently not known to the market how much the company is planning to spend or what the funds will be used for.
Under the halt, company shares will be paused until Monday, January 24, or when further details about the raise are released to the market.
Arovella is a biotechnology company that is focused on developing therapies to treat human diseases, the main two focus areas are oncology and conditions that impact the central nervous system.
Last month, the company acquired a global exclusive licence agreement for the patent rights to a novel monoclonal antibody (mAb) developed for cancer treatment. This agreement was signed with the University of Texas MD Anderson Cancer Centre.
The antibody is the first to be directed against a DKK1 peptide found in complex with HLA-A2 on the surface of cancer cells.
The company said all licensing fees will be funded through existing cash reserves.
On the market, Arovella last traded at 3.9 cents per share.
