Key points
- Nyrada raised AU$12M from institutional investors
- Funds will support Phase IIa trial and drug development
- Board to participate with AU$5.125M
- Securities Purchase Plan to raise up to AU$2M more
Full summary
Nyrada Inc. has successfully raised AU$12.0 million through a placement to institutional, sophisticated, and professional investors. The capital will be used to advance and accelerate Nyrada's clinical programs, strategic development, and general working capital. The placement follows the commencement of Nyrada's Phase IIa trial to assess the safety and preliminary efficacy of Xolatryp® in reducing heart tissue damage and improving heart function in patients suffering a heart attack. The Nyrada Board will participate in the placement in the amount of AU$5.125 million, subject to CDI holder approval. Additionally, Nyrada will undertake a Securities Purchase Plan targeting an additional AU$2.0 million of new equity capital.
Outlook
Nyrada plans to complete its Phase IIa trial, develop a commercial dose form of Xolatryp, and position for future clinical trials.