AdAlta Ltd (ASX:1AD) has welcomed support from two investors associated via the Yuuwa Capital Venture Capital fund, who will become substantial shareholders in the company.
The Yuuwa Capital Innovation Investment Fund has been supported by the Australian Government through the Innovation Investment Fund Program (Round 3).
These programs were Australian Government venture capital initiatives under which the Commonwealth co-invested with private sector investors in venture capital funds to assist early-stage companies to commercialise the outcomes of Australia's research efforts.
The company says it is pleased to continue its strong relationship with these investors as Yuuwa Capital completes its end-of-fund wind-up
“Very positive news”
“We are grateful that major shareholders have shown their confidence in AdAlta, becoming substantial shareholders in AdAlta, in parallel with the wind-up of the Yuuwa fund,” AdAlta CEO and managing director Dr Tim Oldham said.
“This is very positive news as we continue with our clinical plans and with progressing our strategic priorities for both AD-214 and the broader pipeline.
“We thank Yuuwa for its strong support over many years, which has seen us take the i-body technology from pre-IPO and pre-clinical research stage through manufacturing scale-up into the listed, clinical-stage company AdAlta is today.”
AdAlta is a clinical-stage drug development company developing a proprietary i-body technology platform to generate a promising new class of single-domain antibody protein therapeutics with the potential to treat some of today’s most challenging medical conditions.
The company has completed Phase I clinical studies for its lead i-body candidate, AD-214, which is being developed for the treatment of Idiopathic Pulmonary Fibrosis (IPF) and other human fibrotic diseases.
Yuuwa co-founder and AdAlta director Liddy McCall said: “We are pleased with the ongoing support for AdAlta as it progresses its clinical programs and technology development, and are excited to see the next stage of AdAlta’s clinical progress as it unfolds.
“The transfer of Yuuwa’s shares is part of the orderly wind up of Yuuwa, required under its operating guidelines.”