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AdAlta raises A$5M to develop lung disease drug

AdAlta Ltd. raised A$5 million in an oversubscribed placement to fund the development of its lung disease drug.

The company issued 33,333,333 fully paid ordinary shares priced at 15 Australian cents each in the transaction participated by new and existing sophisticated and institutional investors.

The Melbourne, Victoria-based company plans to raise an additional A$2 million through a non-renounceable entitlement offer with its existing shareholders as of May 29.

In both placement and entitlement offering, subscribers will get one free attaching option for every two new shares. The options are exercisable for 25 Australian cents apiece until June 30, 2021.

Funds raised from the offerings will be used to evaluate AD-214 in an early-stage study as a potential treatment of idiopathic pulmonary fibrosis, a type of progressive lung disease that causes scarring and stiffness in the lungs.

A portion of the proceeds is also allocated to provide good manufacturing practice materials for clinical studies and to expand the company's pipeline, as well as for general working capital and corporate costs.

Aurenda Partners Pty. Ltd and Bell Potter Securities Ltd. were joint lead managers in the placement. Bell Potter also acted as book-runner to the placement.