7 September 2020
AdAlta Limited (ASX:1AD), the clinical stage biopharmaceutical development company using its proprietary i-body technology platform to solve challenging drug targeting problems, is pleased to announce that the previously announced Entitlement Offer has been fully allocated, raising $4.1 million before costs and bringing the total funds raised through the Placement and Entitlement Offer to $8.1 million.
AdAlta Chair, Dr Paul MacLeman commented “We would like to thank all investors who have participated in the Placement and Entitlement Offer. AdAlta is now strongly positioned to advance its strategy significantly through 2021, adding value to our lead asset AD-214 and adding further assets to our pipeline. We are grateful for the ongoing support of our existing shareholders who have contributed the majority of the funds raised and we welcome our new shareholders.”
On 11 August 2020, AdAlta announced the placement of 40,000,000 fully paid ordinary shares in the Company with institutional and sophisticated investors at a price of $0.10 per share to raise $4.0 million before costs (Placement) and the launch of a non- renounceable rights offer to Eligible Shareholders to acquire one new share for every four shares held at the same price of $0.10 per share to raise up to $4.1 million before costs (Offer or Entitlement Offer). The Entitlement Offer was further detailed in an Offer Document announced to the ASX and distributed on 19 August 2020. The Entitlement Offer closed on 2 September 2020.