Australian antiviral drug development company Island Pharmaceuticals (ASX:ILA) has raised a total of $2.72 million via the exercise of 45,349,978 listed options.
The options expired on 14 March and were issued to shareholders who participated in the company’s fully underwritten rights issue in March 2024. That rights raised $1.95 million before costs. For each new share in the rights issue, eligible shareholders received one new option with an exercise price of $0.06. Each new option, if exercised by 14 June 2024, would receive one additional ‘piggyback’ option with the same exercise price of $0.06 and an expiry date of 14 March 2025.
Island said the additional funds raised will support ongoing clinical development activities for ISLA-101, the company’s lead asset for preventing and treating dengue fever. Subject dosing for the Phase 2b therapeutic arm of the company’s Phase 2a/b PROTECT clinical trial utilising ISLA-101 to combat dengue fever was completed in February, with a clinical update expected in April 2025.
CEO and managing director David Foster said, “We are pleased to confirm this additional funding in connection with our March 2024 Rights Issue - a result of strong demand for exercisable Options by eligible shareholders who participated in the Rights Issue, and a vote of confidence for our clinical development pathway to deliver improved health outcomes for dengue fever, which is becoming a fast-growing global threat.
“I am grateful for the ongoing support of our shareholders and look forward to providing further updates in the near term as we advance our PROTECT clinical trial in accordance with the highest standards of safety and quality control.”