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AdAlta boosts balance sheet, makes key advances in Q4 FY24

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AdAlta entered collaboration with SYNthesis BioVentures Fund to establish AdCella during Q4 FY24

Cell Therapies chosen as preferred manufacturing partner for AdCella’s cellular immunotherapies

Institutional investment, reduced expenditure and exercise of options boost cash balance to $3.13m at end of quarter

Aussie biotech AdAlta strengthened its cash position and established key partnerships in Q4 FY24 as it advanced its “east to west” cellular immunotherapy for solid cancers strategy.

AdAlta (ASX:1AD) entered a collaboration with venture capital firm SYNthesis BioVentures Fund (SYNBV) to establish subsidiary AdCella Pty Ltd during Q4 FY24 and named Cell Therapies its preferred manufacturing partner for its cellular immunotherapies.

1AD also advanced partnering discussions for its subsidiary AdSolis Pty Ltd, which is undertaking development of its lead drug AD-214.

1AD’s cash balance as at the end of June 2024 was $3.13m, approximately double that at March 31.

The strengthened balance sheet was attributed to inflow improvements of $1.2m from a new flexible institutional investment of up to $3.7m along with $1.9m from the exercise of listed 1AD options and reduced expenditure following completion of the AD-214 Phase 1 clinical trial.

Read more: https://www.theaustralian.com.au/business/stockhead/content/adalta-boosts-balance-sheet-makes-key-advances-in-q4-fy24/news-story/50216b45b6f30ef4c57348253c94b723

The Australian reports: AdAlta boosts balance sheet, makes key advances in Q4 FY24