Nyrada Inc (ASX: $NYR) Quarterly Activities Report & Appendix 4C

Nyrada Inc (ASX: $NYR) has released its Quarterly Activities Report and Appendix 4C for the period ending 31 March 2024. The report highlights the progress made by the company's lead Brain Injury Program drug candidate, NYR-BI03, including the demonstration of strong efficacy in a preclinical stroke study and the commencement of Good Laboratory Practice (GLP) safety testing studies. Additionally, the company's cash position as of 31 March 2024 was A$5.60 million, with a successful fully subscribed placement raising A$1.76 million before costs.

Executive Commentary

The preclinical stroke study results are very encouraging and demonstrate the potential of NYR-BI03 in providing neuroprotection. We are pleased with the progress made in commencing the GLP safety testing studies, which are crucial steps towards the first in-human Phase I clinical trial of NYR-BI03. The successful completion of these studies will pave the way for further development and potential commercialization of NYR-BI03 for both stroke and traumatic brain injury indications. We are also optimistic about the outlook for our Cholesterol Lowering Program and remain committed to exploring options for the development of an effective and commercially viable PCSK9 inhibitor.

Summary

Nyrada Inc (ASX: $NYR) has reported significant progress in its Brain Injury Program, with the lead drug candidate NYR-BI03 demonstrating strong efficacy in a preclinical stroke study. The commencement of GLP safety testing studies marks a crucial milestone in the development of NYR-BI03, with the first in-human Phase I clinical trial on track to start in 2QFY2025. The company's cash position of A$5.60 million provides a solid financial foundation for advancing its drug development programs. Nyrada's focus on exploring options for the Cholesterol Lowering Program reflects its commitment to addressing unmet clinical needs in significant market sectors. The company's ambitions to initiate Phase II development in the United States and collaborate on a traumatic brain injury study with the Walter Reed Army Institute of Research demonstrate its strategic approach to advancing its drug development pipeline.