Arovella Therapeutics: Raises $6m for cell therapies

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