Island Pharma Secures $2.72M Funding Boost

Island Pharmaceuticals (ASX: ILA) announced it has successfully raised $2.72 million through the exercise of listed options (ASX: ILAO), which expired on March 14, 2025. The funding comprises $1.94 million from the exercise of options by shareholders participating in the March 2024 Rights Issue, and an initial $779,000 raised in June 2024. The options were issued to eligible shareholders who participated in the company’s fully underwritten Rights Issue in March 2024, which raised $1.95 million before costs. The strong uptake of options highlights shareholder confidence in Island Pharmaceuticals’ clinical trial pathway, particularly for ISLA-101, their lead asset targeting dengue fever. The capital injection will directly support ongoing clinical trials for ISLA-101, including the Phase 2a/b PROTECT clinical trial. Subject dosing for the Phase 2b therapeutic (treatment) arm of the study was completed in February, with a clinical update expected in April 2025, preceding full results. CEO David Foster expressed gratitude for shareholder support, emphasizing the importance of this funding in advancing the PROTECT clinical trial. Island Pharmaceuticals is focused on repurposing drugs to address unmet needs in antiviral therapeutics. Their lead asset, ISLA-101, aims to prevent and treat dengue fever and other mosquito-borne diseases. If ISLA-101 receives FDA approval, Island may be eligible for a Priority Review Voucher, potentially expediting approval for future drugs or allowing the company to sell the voucher.