{"id":10430,"date":"2024-06-03T02:47:32","date_gmt":"2024-06-03T02:47:32","guid":{"rendered":"https:\/\/economicherald.net\/?p=10430"},"modified":"2024-06-03T02:47:32","modified_gmt":"2024-06-03T02:47:32","slug":"adalta-secures-1-9m-from-exercise-of-options-to-advance-critical-discovery-programs","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10430","title":{"rendered":"AdAlta secures $1.9m from exercise of options to advance critical discovery programs"},"content":{"rendered":"<p>1AD raises $1.9 million of new equity from the exercise of listed 1ADOA options, led by an existing major shareholder<br \/>\nOptions exercised at a 20% premium to the closing price on May 29 2024<br \/>\nProceeds from exercised options to help AdAlta advance strategic partnerships and maximise benefits of other funding sources<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report<\/em>: Aussie biotech AdAlta has raised ~ $1.9m through the exercise of options as it advances strategic partnerships during H2 CY24. <\/strong><\/p>\n<p>In 2023 <a href=\"https:\/\/stockhead.com.au\/company\/adalta-1ad\/\"><strong>AdAlta (ASX:1AD)<\/strong><\/a> \u00a0issued 173,075,186 options as part of private placements and entitlement offers (1ADOA options) with an exercise price of 3 cents\/share, and an expiry date of 29 May 2024.<\/p>\n<p>1AD says at the expiry date, 62,570,306 (36.2%) options were exercised, raising $1,877,109 at a 20% premium to the closing price of AdAlta shares on 29 May 2024 of 2.5 cents\/share.<\/p>\n<p>New equity generated by the exercised options included an investment of $1.8 million made by an entity associated with Stuart Morris, one of 1AD\u2019s top five shareholders.\u00a0 As a result of the investment, Morris increased his holding in AdAlta to 16.36%.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Enhanced financing flexibility<\/strong><\/h2>\n<p>The new equity provides 1AD enhanced financing flexibility as the company advances strategic partnerships and internal development programs across its three priority areas including:<\/p>\n<p>AdSolis \u2013 partnering and third-party investment to progress lead asset AD-214 into Phase II clinical trials for Idiopathic Pulmonary Fibrosis (IPF)<br \/>\nAdCella: \u2013 accelerating due diligence towards in-licensing a pipeline of Asian originated, clinical stage cellular immunotherapies<br \/>\nDiscovery \u2013 evaluating opportunities to maximise the productivity of AdAlta\u2019s discovery programs and processes.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>1AD now has increased flexibility over the timing of optional drawdowns under its recently announced investment agreements with New Life Sciences Capital LLC and existing shareholder the Meurs Group.<\/p>\n<p><a href=\"blank\">The company announced at the end of April<\/a> an investment of up to $3m by New Life Sciences Capital and up to $700k from existing shareholder Meurs Group to support and accelerate its partnerships with venture capital firm SYNthesis BioVentures Fund (SYNBV).<\/p>\n<p>New Life Sciences and 1AD are collaborating to form AdCella, a jointly owned entity aimed at facilitating the entry of innovative cellular immunotherapies from Asia into western regulated markets, leveraging AdAlta\u2019s i-body technology.<\/p>\n<p>To date, 1AD has accessed an initial investment of $1.2 million of the total $3.7 million available via the investment agreements.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018Vote of confidence\u2019<\/strong><\/h2>\n<p>CEO and MD Tim Oldham says exercising of 1ADOA options by holders was a \u201cvote of confidence\u201d in the company\u2019s strategy.<\/p>\n<p>\u201cI wish in particular to acknowledge the substantial investment by existing major shareholder Stuart Morris,\u201d Oldham says.<\/p>\n<p>\u201cThis is another example of the strong support we have from major, long-term shareholders.<\/p>\n<p>\u201cThe new equity flowing from the exercised options means AdAlta now has the funding needed to materially advance its AdSolis, AdCella and discovery programs into the second half of calendar 2024.\u201d<\/p>\n<p>He says it also provides the company with increased flexibility over the timing of any further drawdowns from the tranched institutional investments announced in April 2024.<\/p>\n<p>\u201cWe now look forward to further AdSolis and AdCella milestones in the months ahead,\u201d he says.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span><em>\u00a0<\/em><em>\u00a0<\/em><\/p>\n<p><em>This article was developed in collaboration with AdAlta,\u00a0 a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/health\/adalta-secures-1-9m-from-exercise-of-options-to-advance-critical-discovery-programs\/\">AdAlta secures $1.9m from exercise of options to advance critical discovery programs<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>1AD raises $1.9 million of new equity from the exercise of listed 1ADOA options, led by an existing major shareholder Options exercised at a 20% <a href=\"https:\/\/economicherald.net\/?p=10430\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10431,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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