Nyrada successfully raises $1.755 million to support the development of NYR-BI03

Latest News

Nyrada (ASX:NYR) has received firm commitments for a placement of 23.4 million Chess Depository Instruments (CDIs), raising $1,755,000 in new equity capital from new and existing professional and sophisticated investors.

The company said the placement issue price was $0.075 per CDI, representing a 16.7 per cent discount to the last traded price and a 26.1 per cent discount to the 15-day volume weighted average price of its CDIs.

It said the placement follows its recent announcement of statistically significant neuroprotection results from its preclinical brain injury study, where its lead drug candidate NYR-BI03 showed strong efficacy in reducing secondary brain injury. NYR-BI03 is a first-in-class therapy with a novel mechanism of action targeting a significant market opportunity.

Nyrada's board of directors has also indicated they will subscribe for an additional $0.210 million of CDIs on the same terms as the placement CDIs. 

Nyrada CEO James Bonnar said, “We are delighted with the strong demand for our capital raise and appreciate the support shareholders have shown for our development plans for NYR-BI03. We now have a secure pathway to continue progressing this exciting novel therapeutic into a first-in-human clinical trial and beyond the readout of the study, which will be a significant milestone for Nyrada. We welcome new shareholders to our register and look forward to updating the market on our upcoming milestones.”

Nyrada chair John Moore added, “Thank you to all CDI holders, incoming and current, our Board as well as to our advisors at Canary Capital for your steadfast support. The Company is at an important strategic inflection point and is well capitalised to progress towards our strategic goal of derisking our first-in-class neuroprotective agent by completing the necessary pre-clinical and Phase I safety study.”

The company said it will use the placement proceeds to conduct the remaining preclinical work and a Phase 1 in-human clinical trial of NYR-BI03, prepare and submit Investigational New Drug (IND) applications with the US FDA, and planning and preparation for a Phase 2 in-human trial of NYR-BI03’s effectiveness in TBI and stroke.