Nyrada raises $12M through placement
- Nyrada secured $12 million in capital via a placement to institutional and sophisticated investors.
- The placement was priced at $0.62 per CDI, representing a 15.1% discount to the last traded price.
- Funds raised will advance clinical programmes, support strategic development, and provide general working capital.
Nyrada (ASX:NYR) has received firm commitments to raise $12 million through a placement of approximately 19.4 million CHESS Depository Instruments.
The placement issue price of $0.62 per CDI represented a 15.1% discount to the last traded price and an 11.4% discount to the five-day volume-weighted average price.
Nyrada Managing Director and CEO, James Bonnar commented, "The strong support from both new and existing investors is a powerful validation of our science, our team, our novel drug Xolatryp, and our potential to address serious unmet clinical needs."
The transaction follows the commencement of the Phase IIa trial for Xolatryp to evaluate heart tissue damage reduction and function improvement following a heart attack.
Nyrada stated that it will also undertake a Securities Purchase Plan on substantially the same terms to target an additional $2 million in capital.
Following the announcement, the Nyrada share price was unchanged at $0.63.
The clinical-stage biotechnology company focuses on developing Transient Receptor Potential Canonical ion channel inhibitors to treat various medical conditions.
Board members plan to participate in the capital raise with $5.1 million, subject to CDI holder approval at a general meeting expected in February 2027.
