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IPO moves drug discovery company toward Phase 1
October 2016
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MELBOURNE, Australia—AdAlta Limited, a biotechnology company specializing in the discovery and development of protein-based therapeutics, closed a financial quarter recently with an AUD$10 million initial public offering (IPO) on the Australian Securities Exchange, which was oversubscribed. The company plans to use the funding to complete the first phase of a clinical study that seeks to validate AD-114, its lead candidate.
 
“AdAlta received a significant amount of institutional support with several leading healthcare and biotechnology funds participating in the IPO. Proceeds from the IPO will expedite our first candidate into Phase 1 human clinical trials for the lung disease idiopathic pulmonary fibrosis. Our strategy is to license this drug candidate on completion of the planned Phase 1 clinical studies,” said AdAlta CEO Samantha Cobb, who added “The IPO funding will allow AdAlta to develop AD-114 for licensing to a major pharmaceutical company … The fibrosis sector is characterized by licensing deals with major pharmaceutical companies at the Phase 1 stage.”

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