People are Googling AdAlta (ASX:1AD), with this stock ranking in the top 18 for finance-related searches on Google in Australia today.
AdAlta is an ASX-listed biopharmaceutical company, focused on discovering and developing novel drug candidates by leveraging its proprietary i-body technology platform. The company's operations and projects aim to address unmet medical needs in areas such as fibrosis, cancer, and inflammation. Its lead candidate, AD-214, is being investigated as a therapeutic option for the treatment of lung and kidney fibrosis. ADALTA's primary objectives are to advance its pipeline, generate intellectual property, and create strategic partnerships to deliver innovative therapies for patients worldwide.
The trending news today about this stock relates to AdAlta seeking an early return to clinical trials of its lead asset, AD-214, with a $3.5 million non-renounceable rights offer.
The Melbourne-based drug developer will offer eligible shareholders in Australia and New Zealand two new shares — at 2.5 cents each — for every five shares already held. The two new shares will also come with an option to purchase an additional share at 3 cents until May 29, 2024.