Australia's Arovella Therapeutics rises on $12.4 mln clinical trial funding

Arovella Therapeutics

10/01/2025 24:39

** Shares of Arovella Therapeutics  ALA.AX  rise as much as
15.7% to A$0.203, their biggest intraday pct gain since Oct 11,
2024
    ** The biotech firm says it secured A$20 mln ($12.39 mln)
placement funding to wrap up inaugural clinical trial of
lymphoma, leukemia drug ALA-101
    ** Placement is at an issue price of A$0.17 per share,
representing a 2.9% discount to last trade
    ** Stock hits its highest level since mid-November 2024
    ** Over 4.5 mln shares change hands, 5.3x the 30-day avg
    ** Stock rose 47.8% in 2024


    ($1 = 1.6139 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))