Nyrada Secures $8.25M to Propel Xolatryp Phase IIa Heart Attack Trial

Capital Raise to Accelerate Clinical Progress

Nyrada Inc. (ASX, NYR), a clinical-stage biotechnology company, has successfully raised $8.25 million through a placement of 27.5 million Chess Depositary Instruments (CDIs) priced at $0.30 each. This capital injection comes at an 18.9% discount to the last traded price and will primarily fund the company’s Phase IIa clinical trial of its lead drug candidate, Xolatryp, targeting acute myocardial infarction (heart attack).

The placement attracted strong interest from both new and existing institutional, sophisticated, and professional investors, reflecting confidence in Nyrada’s progress. The company is now fully funded to complete the Phase IIa trial, advance drug manufacturing under Good Manufacturing Practice (GMP) standards, develop a non-infusion formulation of Xolatryp, and conduct further research into additional therapeutic indications.

Building on Early Clinical and Preclinical Success

Xolatryp’s Phase I trial is nearing completion, having demonstrated safety in initial human dosing. Coupled with compelling preclinical evidence showing cardioprotective effects in infarct models, Nyrada’s management has expressed confidence in moving forward with the Phase IIa study. CEO James Bonnar highlighted the transformative potential of the next 12 to 18 months, anticipating significant milestones that could validate Xolatryp’s therapeutic promise.

Chair John Moore echoed this optimism, emphasizing the company’s strengthened financial position and the importance of advancing a first-in-class, multi-target small molecule therapy. The capital raise also includes participation from directors and management, subject to shareholder approval at the upcoming Annual General Meeting in November 2025, signaling alignment of interests between leadership and investors.

Strategic Use of Funds and Broker Involvement

The majority of the funds; $7 million; are earmarked for the Phase IIa clinical trial, with smaller allocations for formulation development, GMP manufacturing, and exploratory research into other indications. Canary Capital Pty. Limited acted as lead manager for the placement, receiving a 6% fee partly paid in CDIs and 7.3 million unlisted broker options exercisable at $0.45 until August 2027. This arrangement aligns the broker’s interests with the company’s future performance.

The placement will be settled in two tranches during August 2025, with the director placement tranche scheduled for November, pending shareholder approval. This phased approach provides flexibility while ensuring timely funding for critical development activities.

Looking Ahead

As Nyrada advances towards its Phase IIa trial, the company stands at a crucial inflection point. Success in this trial could significantly de-risk Xolatryp’s development pathway and enhance its value proposition in the competitive cardioprotection landscape. Investors will be watching closely for clinical data and regulatory updates in the coming months.