Shares of Arovella Therapeutics (ASX:ALA) soar, reaching an increase of up to 20.5% to A$0.094, marking their highest level since April 17.

The biotechnology company announced that it has secured a global, exclusive license from Sparx Group, which will allow them to use a novel monoclonal antibody, SPX-101.

Arovella Therapeutics (ASX:ALA) intends to use SPX-101 to develop a cell therapy aimed at treating gastric cancer, gastroesophageal junction cancer, pancreatic cancer, and other types of solid tumors.

In relation to this news, about 8.9 million shares were traded, surpassing the 30-day average volume of 3.2 million.

The company’s stock value had increased threefold this year, as of the most recent closure of the market.

Arovella Therapeutics (ASX:ALA) is a biotechnology company focused on the development of innovative cancer cell treatments.