Nyrada's Successful Capital Raise

Nyrada Inc (ASX: $NYR) has successfully raised $1.755 million through a placement of 23,400,000 Chess Depository Instruments (CDIs). The funds will be utilized for conducting pre-clinical GLP study and a Phase I human clinical trial of NYR-BI03, the company's lead Brain Injury Program drug candidate. The Placement issue price was $0.075 per CDI, representing a 16.7% discount to the last traded price and a 26.1% discount to the 15-day volume weighted average price (VWAP) of Nyrada's CDIs.

Executive Commentary on Capital Raise

Nyrada CEO James Bonnar expressed his delight with the strong demand for the capital raise and the support shown by shareholders for the development plans for NYR-BI03. He emphasized the secure pathway to progress the novel therapeutic into a first-in-human clinical trial and beyond the study's readout, which marks a significant milestone for Nyrada. Nyrada Chair John Moore thanked all CDI holders, the Board, and advisors for their steadfast support, highlighting the company's well-capitalized position to progress towards derisking their first-in-class neuroprotective agent.

Summary of Nyrada's Capital Raise

Nyrada (ASX: $NYR) has successfully raised $1.755 million through a placement, with additional subscriptions from Nyrada Directors pending shareholder approval. The funds will be allocated for pre-clinical GLP study and Phase I human clinical trial of NYR-BI03, the company's lead Brain Injury Program drug candidate. The company aims to progress towards derisking their first-in-class neuroprotective agent and prepare for a Phase II in-human trial of NYR-BI03's effectiveness in TBI and stroke. Nyrada expressed gratitude for the strong demand and shareholder support, emphasizing the upcoming milestones and the company's strategic goal of advancing their therapeutic programs.