AROVELLA THERAPEUTICS LIMITED (ALA)

The suspension of trading in the securities of Arovella Therapeutics Limited will be lifted immediately following the release by ALA of an announcement regarding a capital raising.

The company releases a prospectus for an offer of up to 100 New Shares at an issue price of $0.125 per New Share and 39,905,699 Placement Options on the basis of one free attaching Placement Option for every three Placement Shares subscribed for and issued under the Placement.

The company has secured a $15 million placement to complete Phase 1 enrollment and generate clinical data for ALA-101, allowing for continued development of solid tumor programs and pipeline expansion.

The securities of Arovella Therapeutics Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of ALA, pending the release of an announcement regarding a capital raising.

The suspension of trading in the securities of Arovella Therapeutics Limited will be lifted immediately, following the release by ALA of an announcement in relation to a proposed in-licensing agreement.

Arovella has entered into a global, exclusive license with Sparx Group to develop a world-first iNKT cell therapy targeting a validated target, Claudin 18.2 (CLDN18.2), which is expressed in gastric cancers, gastroesophageal junction cancers and pancreatic cancer. Equity-based upfront licencing fee and future stage-gated fees with industry-standard milestone payments in cash and equity. Licensed technology is based on Sparx's Phase 1 ready CLDN18.2 antibody, SPX-101, which has shown to outperform zolbetuximab in internal preclinical studies, and has an open IND with the FDA. Zolbetuximab is expected to be the first CLDN18.2-targeting therapy available for GC/GEJC, with FDA approval expected in January 2024. The intellectual property has long-life, is granted in the US and has been filed in other major territories worldwide (inc. Europe, Japan, China and South Korea). Arovella's CLDN18.2-iNKT cells will be the only off-the-shelf CAR-iNKT cell therapy being developed for this target and will significantly increase the value of Arovella's pipeline. CLDN18.2-iNKT cells with direct cancer-killing ability are expected to provide superior cancer killing properties relative to an antibody alone. Arovella's potential market for an FDA approved CLDN18.2-targeting product is supported by Astellas' forecast peak annual sales for zolbetuximab which are US$0.6-1.3 billion. Arovella's CEO and MD Dr Michael Baker will host an investor webinar discussing this announcement at 11am AEDT on Thursday 12 October.

The securities of Arovella Therapeutics Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of ALA, pending the release of an announcement in relation to a proposed inlicense agreement.

name changed from Suda Pharmaceuticals Ltd