Alterity Therapeutics raised $3.25 million through a placement of new shares.

The fundraising prepares the company for the data readout of its Phase 2 clinical trial, ATH434-201, for multiple system atrophy.

Preliminary six-month data from an open-label Biomarker study is expected in the first half of 2024. The placement, at $0.0038 per share, includes free attaching options for future investment.

The funds address current Phase 2 trial needs and contribute to potential Phase 3 planning and other neurodegenerative disease research.