Arovella aims to carry out a Phase I trial of ALA-101, an iNKT cell therapy for CD19-positive non-Hodgkin’s lymphoma. Credit: Lightspring / Shutterstock.

Australian biotechnology company Arovella Therapeutics has announced plans to raise around A$12.5m ($8.1m) to begin Phase I clinical trials of its drug candidate ALA-101.

ALA-101 is an invariant Natural Killer T (iNKT) cell therapy indicated for the treatment of CD19-positive non-Hodgkin’s lymphoma.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company has received firm commitments from both new and current investors, who have subscribed to 125 million new, fully paid ordinary shares.

The shares have been placed at A$0.10 each, accompanied by a 1-for-1 option exercisable at A$0.15 over three years.

The capital injection will enable Arovella to progress ALA-101, its lead product, into Phase I trials and collect preliminary data from patients who receive the treatment.

It will also be used to expand the company’s iNKT cell therapy pipeline and further the development of solid tumour treatments while providing general working capital.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Over the next year, Arovella expects to reach several key milestones, including scaling up the CAR-iNKT manufacturing process for ALA-101.

These milestones also include manufacturing of ALA-101 intended for clinical trials and concluding the non-clinical safety and efficacy studies required for filing investigational new drug (IND) applications.

Arovella also plans to obtain regulatory approval for a Phase I trial of the cell therapy.

Arovella chairman Dr Thomas Duthy said: “This is a pivotal time for Arovella, which continues to be a global pioneer in developing CAR-iNKT cell therapeutics.

“The level of support for the placement from well-known, global institutional investors highlights the potential of our highly differentiated cell therapy platform and our significant progress to date.

“It provides us with the capital to execute our goals, notably to assess the clinical benefit of our proprietary CAR-iNKT cells in cancer patients.”

Last October, Arovella and SparX Group partnered to develop a chimeric antigen receptor iNKT (CAR-iNKT) cell therapy to treat solid tumours.

Editorial content is independently produced and follows the highest standards of journalistic integrity. Topic sponsors are not involved in the creation of editorial content.