Emyria (ASX:EMD), which describes itself as a data-backed drug development company, says it has successfully completed an oversubscribed $1.2 million placement to new strategic investors.
The company said it partnered with Sixty Two Capital to identify investors with a long-term view and alignment with its strategic focus.
The placement included 14.12 million new ordinary shares. They will be issued at $0.085 per share with a one-for-three free attaching unlisted option exercisable at $0.20 expiring two years from the date of issue. The issue price of $0.085 was not discounted and is equal to the last traded price of Emyria shares, said the company.
According to managing director Dr Michael Winlo, “We’re very pleased with the significant interest we received in this placement, largely supported by new shareholders who share our vision for the unique opportunities ahead as we launch independent drug development programs backed by deep analysis and discoveries made from within our own real-world evidence and clinical data.
"It is pleasing to see this vision shared by our new shareholders who have a long-term view of Emyria’s value proposition. We now have a strengthened register, wider representation and a strong balance sheet which will help accelerate our first two, data-backed drug development programs focussed on obtaining TGA registration.”
Sixty Two Capital director, Mr Sufian Ahmad, said, “Sixty Two Capital takes pride in generating value for its clients through investments in companies it believes has the potential to achieve tremendous growth. We believe that Emyria’s real-world data assets are key to establishing multiple cannabinoid drug registrations with major regulatory bodies, which very few other companies have been able to accomplish to date”.