Piper Alderman assists ASX-Listed AdAlta on capital raise of up to $3.15m
19/05/2023
Piper Alderman has assisted ASX-listed AdAlta Limited (AdAlta) on a capital raise by way of a non-renounceable rights offer for shares with attaching quoted options under a prospectus for continuously quoted securities aiming to raise up to $3.15m.
AdAlta is an innovative, clinical stage biotech company developing a unique range of new drug treatments and has pioneered a technology that mimics the shape and stability of a crucial antigen-binding domain, discovered initially in sharks and then developed as a human protein.
Dr Tim Oldham, Managing Director and CEO, commented:
“We are pleased with the growing partner interest in AD-214 as exemplified by more companies executing confidentiality agreements and asking deeper and more sophisticated questions. We are delighted to announce that we will bring AD-214 back to the clinic early. We will be making use of existing drug product inventory to cost effectively generate new data to build additional value and support potential partnerships.”
The deal team led by partner James Macdonald and senior associate James Hill and supported by lawyer, Spike Woods, assisted in all aspects of preparation of the prospectus, including advising as to due diligence processes, assisting with verification, and preparing the relevant commitment and underwriting deeds.
Dr Oldham further noted:
“Piper Alderman provided a clear, comprehensive prospectus diligence process and delivered on a very short turnaround with very few revisions required.”