Australia's Arovella Therapeutics falls on discounted placement

Arovella Therapeutics

26/03/2024 04:32

** Shares of Arovella Therapeutics  ALA.AX  fall as much
11.5% to A$0.115, their lowest since Jan. 5
    ** Biotechnology co to raise A$12.5 mln ($8.17 mln) at
A$0.10 per share
    ** Issue price represents a 23.1% discount to ALA's last
close
    ** About 5.2 mln shares change hands, 2.3x the 30-day avg
volume
    ** Stock up ~13% YTD, as of last close


($1 = 1.5305 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))