Arovella Therapeutics Raises $6m for cell therapies
- Arovella Therapeutics (ALA) receives commitments from institutional and sophisticated investors to raise $4.57 million through a placement
- Importantly, the healthcare stock received cornerstone support from life sciences company Merchant who’s subscribing for $3 million worth of shares
- ALA is also launching a $1.5 million share purchase plan which is completely underwritten by Baker Young with Merchant committing to sub-underwrite up to $750,000 of the SPP
- The money is being used to develop Arovell a’s cell therapy platforms for cancer treatment
- Company shares have ended the day up 5.13 per cent to close at 4.1 cents
