Arovella Therapeutics (ASX:ALA) received firm commitments to raise about AU$20 million via the placement of 117.6 million shares at AU$0.17 apiece, according to a Friday filing with the Australian bourse.
Proceeds will fund the first phase clinical trial for the company's cell therapy product, ALA-101, in patients with CD19-positive blood cancers, and support its solid tumor programs and pipeline expansion, the filing said.
Shares rose nearly 7% in afternoon trade Friday.
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