Posted 22 September 2021
BioMelbourne Network member AdAlta Limited granted a $4.0 million non-dilutive funding facility with Treasury Corporation of Victoria (TCV) as part of the Victorian Government’s R&D Cash Flow Loan Initiative, Invest Victoria. AdAlta’s Facility is believed to be one of the first awarded under the Initiative.
The Facility will be received in two tranches: the first of A$2.4 million is expected to be received by 30 September 2021; and the second of up to A$1.6 million in the quarter ending 31 March 2022.
The final amount of the second tranche will be capped so as not to exceed a total Facility draw down of 80% of AdAlta’s forecast R&D Tax Incentive (RDTI) rebate for FY2022. The funds will be used to further progress development of an inhaled form of lead product AD-214 for clinical trials in idiopathic pulmonary fibrosis patients, and to commence discovery of i-bodies against targets in its internal pipeline and under AdAlta’s new collaboration with Carina Biotech.
“AdAlta is extremely grateful to the Victorian Government for this initiative and the grant of the one of the first facilities to us. This is an important contribution to the Victorian biotechnology ecosystem, in which we are proud to be very active participants. Bringing forward funds from our R&D Tax Incentive rebate, and on attractive terms, enables us to materially extend our near-term cash runway to significantly progress value adding research projects and reach value-driving inflection points.”