Island Pharmaceuticals (ASX:ILA) secured $9 million in strategic funding.
The capital was raised through a placement of approximately 25.7 million new ordinary shares priced at $0.35 each, led by a US-based family office alongside a select group of international institutional investors.
The infusion of capital bolsters the company's existing cash reserves, which stood at $6.87 million at the end of 2025, providing a robust financial runway for its most ambitious projects.
The primary objective of this funding is to accelerate the development of Galidesivir, the company’s lead antiviral candidate.
The funds will fully finance Galidesivir through the FDA’s two-stage Animal Rule development pathway and the subsequent New Drug Application for treating the Marburg virus.