Arovella Therapeutics (ASX:ALA) received firm commitments to raise about AU$20 million via the placement of 117.6 million shares at AU$0.17 apiece, according to a Friday filing with the Australian bourse.

Proceeds will fund the first phase clinical trial for the company's cell therapy product, ALA-101, in patients with CD19-positive blood cancers, and support its solid tumor programs and pipeline expansion, the filing said.

Shares rose nearly 7% in afternoon trade Friday.