Arovella Therapeutics Secures $12.5 Million to Advance CAR-iNKT Cell Therapy for Cancer

Arovella Therapeutics Ltd (ASX: ALA), a leader in developing innovative cell therapies for cancer, has successfully raised $12.5 million before costs through a placement at $0.10 per share.

This strong support from new and existing institutional and sophisticated investors fuels the advancement of Arovella’s pioneering CAR-iNKT cell therapy platform.

Investment Propels Phase 1 Clinical Trial

The placement includes one-for-one options exercisable at $0.15 per share within three years, offering a 50% premium on the placement price. These funds, along with Arovella’s existing cash reserves and anticipated R&D tax incentives, will support the company’s Phase 1 clinical trial for its lead product, ALA-101 (CAR19-iNKT).

ALA-101 holds promise as a next-generation treatment for CD19-positive blood cancers, including non-Hodgkin’s lymphomas and leukemias.

Preclinical data suggests superior efficacy of ALA-101 compared to CAR-T therapies. Additionally, Arovella’s platform allows for the generation of multiple doses from a single batch of healthy donor starting material, paving the way for a truly “off-the-shelf” cell therapy approach.

Beyond Blood Cancers: Targeting Solid Tumors

The capital raised will also bolster the development of CAR-iNKT therapies for solid tumors, a significant unmet medical need. Arovella’s research explores various strategies to leverage CAR-iNKT cells for treating solid tumors.

Positioned for Success

“This funding marks a pivotal moment for Arovella,” said Dr. Thomas Duthy, Chairman. “The participation of renowned global investors underscores the potential of our differentiated cell therapy platform and the significant progress we’ve made.”

Dr. Michael Baker, Managing Director and CEO, added, “We’ve been relentless in strengthening our position in the iNKT cell space through strategic IP acquisitions. This sets us apart in the field.”

Upcoming Milestones

  • Over the next year, Arovella anticipates achieving key milestones, including:
  • Scaling up the CAR-iNKT manufacturing process for ALA-101
  • Completing preclinical studies for Investigational New Drug (IND) approval
  • Securing regulatory go-ahead for a Phase 1 clinical trial in Non-Hodgkin’s lymphoma
  • Initiating the Phase 1 clinical trial
  • Obtaining initial clinical data from patients treated with ALA-101

The company is now well-funded to strengthen its position in the iNKT cell space.

Articles of Interest