BUZZ-Australia's Arovella Therapeutics rises on $12.4 mln clinical trial funding

Reuters

2025/01/10

** Shares of Arovella Therapeutics rise as much as 15.7% to A$0.203, their biggest intraday pct gain since Oct 11, 2024

** The biotech firm says it secured A$20 mln ($12.39 mln) placement funding to wrap up inaugural clinical trial of lymphoma, leukemia drug ALA-101

** Placement is at an issue price of A$0.17 per share, representing a 2.9% discount to last trade

** Stock hits its highest level since mid-November 2024

** Over 4.5 mln shares change hands, 5.3x the 30-day avg

** Stock rose 47.8% in 2024

($1 = 1.6139 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))

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