Australian data-backed drug development company Emyria (ASX:EMD) has announced it has received commitments from sophisticated and strategic investors in a $5 million placement.
The company said 28.57 million new ordinary shares will be issued at a price of $0.175 with a one-for-two free attaching unlisted option exercisable at $0.35 expiring two years from the date of issue.
Managing director Dr Michael Winlo said, “We’re very pleased with the significant support we received for this strategic Placement. These funds will help advance the TGA registration programs already underway for EMD-003 and EMD-004, help map out a US regulatory strategy for our expanding pipeline and help us prepare a clinical trial in psychedelic-assisted therapy for major, unmet mental health concerns - an area of increasing need globally.”
The company said the funds raised position the company to achieve current milestones related to its registration plans for EMD-003, which is targeting mental health concerns with a high-bioavailability capsule technology with partner Cann Group (ASX:CAN), as well as its EMD-004 for irritable bowel syndrome.
It also said the funds will support its refinement of the regulatory strategy under which it will support submissions to the US FDA and the opportunity to generate additional intellectual property and insights in support of launching additional drug development programs.