Share Purchase Plan now available for shareholders
AdAlta is please to offer eligible shareholders an opportunity to acquire additional AdAlta shares under a Share Purchase Plan Offer (SPP Offer), which opens 16 July 2018, and closes at 5.00pm (AEST) on 10 August 2018.
CEO, Sam Cobb, will conduct a Q+A session, covering any questions on the Share Purchase Plan Offer on Wednesday the 1 August at 11am AEST. Click here for details of the call.
Background
We announced earlier this year that AdAlta would be taking an improved version of its lead therapeutic, named AD-214, through to human clinical trials. This decision was made following an evaluation process, whereby AD-214 was found to have have a significantly better half-life (duration of time in which the drug stays in the body) and significantly enhanced activity compared to AD-114. The combination of these factors provides improved therapeutic benefit for patients and for potential commercial partners. More information about AD-214 can be found here and in the presentation from CEO Sam Cobb below.
Private Placement and use of funds
Last week we announced the successful completion of a $4.25m placement (Placement) to institutional and high net worth investors, who also understand the benefits of this new therapeutic and of other programs developed using our i-body platform. We are delighted to have had such strong support. These shares were placed at a price of 30 cents per share.
As we progress AD-214 to the clinic, an important milestone for the Company, we also look forward to expanding the i-body pipeline with additional new candidates that further demonstrate the advantages of our powerful i-body platform with challenging targets.
It is intended that the funds raised from the SPP will be used for manufacturing and pre-clinical studies of AD-214 as well as internal research and development of new i-bodies and corporate costs.
Important SPP details
Under the SPP Offer, each eligible AdAlta shareholder as at 7.00pm (AEST) on 12 July 2018 will have an opportunity to subscribe for up to $15,000 (50,000) of new AdAlta shares. The offer price per share under the SPP Offer will be 30 cents per share, being the issue price under the Placement.