InhaleRx issues shares to CEO in lieu of accrued salary

InhaleRx Ltd (ASX:IRX) has announced that the Company's CEO, Mr Darryl Davies, will receive shares in the Company in lieu of accrued salary. This decision aligns with the Company's cost optimization strategy and prioritization of available capital towards advancing its clinical trials of IRX211 and IRX616a.

Executive Commentary

The decision to issue shares to the CEO in lieu of accrued salary reflects our commitment to efficiently utilize capital for the advancement of our clinical trials. This aligns with our strategy to prioritize resources for the development of our unique inhaled drug-device products, particularly in addressing unmet medical needs in pain management and mental health sectors.

Summary

InhaleRx Ltd (ASX:IRX) has issued shares to its CEO, Mr Darryl Davies, in lieu of accrued salary as part of the Company's cost optimization strategy. This move aims to prioritize available capital for the advancement of its clinical trials of IRX211 and IRX616a. The Board's resolution to issue shares, calculated based on the 30-day VWAP of the Company's ordinary shares, has effectively discharged the accrued salary for Mr Davies. Additionally, the Board members have also agreed to accept 50% of their accrued director fees by issuance of shares, subject to shareholder approval at the Company's next General Meeting. InhaleRx's overarching goal is to pursue U.S. FDA approval and registration for its unique medicinal drug-device products, focusing on addressing unmet medical needs in pain management and mental health sectors. The Company aims to strengthen its position through patents and continue the development of safe and effective treatment options for Breakthrough Cancer Pain and Panic Disorder, which present significant economic opportunities for IRX and its shareholders.