Australia's Arovella Therapeutics hits 2-month low on discounted placement

Arovella Therapeutics

07/06/2023 02:28

** Shares of Arovella Therapeutics  ALA.AX  slump as much as
8% to A$0.046, hitting their lowest since April 3 
    ** Biotechnology co says it has received firm commitments to
raise about A$4.1 mln ($2.74 mln) 
    ** Also launches A$1 mln share purchase plan 
    ** Issue price of A$0.045 per share is at a 10% discount to
last traded price on June 2 
    ** Co says funds raised will be used to progress lead
product towards Phase 1 trial in patients with lymphoma 
    ** Shares see worst day since May 23 - if losses hold 
    ** Stock had more than doubled in value this year, as of
last close

($1 = 1.4977 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))