Australia's AdAlta climbs on securing $1.3 mln funding for unit

Adalta

20/03/2025 01:00

** AdAlta 1AD.AX soars 33.3% to A$0.012, highest since March 4

** Stock set for biggest intraday gain since March 6, 2024

** Biotechnology firm says SYNthesis BioVentures (SYNBV) to invest up to A$2 mln ($1.3 mln) in seed financing in co's special purpose subsidiary AdCella

** Adds SYNBV has the right to invest another A$5.5 mln in Series A funding round for AdCella on top of its seed financing

** 1AD sheds 25% YTD

($1 = A$1.5780)

 (Reporting by Adwitiya Srivastava in Bengaluru)

 ((Adwitiya.Srivastava@thomsonreuters.com))