** Shares of Arovella Therapeutics ALA.AX jump as much as 10.6% to A$0.084, its biggest intraday pct jump in three months

** Stock hits highest level since Dec 1 after submitting Investigational New Drug $(IND)$ application to U.S. FDA for cell therapy candidate ALA-101

** Co says IND application to progress ALA-101 towards first-in-human Phase 1 clinical trial, pending FDA clearance

** ALA-101 targets specific cancer cells to treat lymphoma and leukemia

** ALA down almost 52% YTD

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))