Nyrada funds Xolatryp’s next clinical test with AU$12 million placement

AU$12 Million Placement Locks In Trial Funding

Nyrada Inc (ASX:NYR) has raised AU$12.0 million through a placement of approximately 19.4 million new CHESS Depositary Instruments at AU$0.62 each, a 15.1% discount to the last traded price and an 11.4% discount to the five-day VWAP. The company plans to add up to another AU$2.0 million through a non-underwritten Securities Purchase Plan, taking the targeted capital raise to roughly AU$14 million before costs.

The financing arrives as Nyrada moves Xolatryp into its first patient-stage efficacy test. The PROTECT-MI Phase IIa study is recruiting STEMI heart-attack patients undergoing PCI and is designed to assess safety, tolerability and preliminary efficacy in reducing cardiac reperfusion injury. The company expects a safety review after the first eight patients in the second half of calendar 2026, with topline data targeted for the third or fourth quarter of calendar 2027.

Capital Allocation Centres on Xolatryp Development

Nyrada’s funding plan combines AU$8.4 million of cash at 30 June 2026, an estimated AU$1.7 million FY26 research and development rebate and the fully subscribed placement to produce AU$22.1 million of available funds. It has allocated AU$15.8 million to clinical development, including PROTECT-MI, a planned Phase Ib anthracycline combination study, a cardio-oncology program and development of a next-generation oral TRPC inhibitor.

The remaining funds are earmarked for corporate execution and strategic development support, working capital and offer costs. Nyrada also intends to run a prerequisite preclinical stroke study and develop a commercial dose form of Xolatryp. Those programs remain earlier-stage than PROTECT-MI, but the raise gives the company room to pursue more than one clinical pathway rather than concentrating entirely on the cardiac trial.

Director Participation Awaits CDI Holder Approval

Nyrada’s board plans to subscribe for AU$5.125 million of the placement on the same terms as other investors. That conditional allocation requires CDI holder approval at a general meeting expected around February 2027, making the proposed insider participation a future corporate milestone rather than part of the immediately settled placement.

Investors taking part in the placement and SPP will receive three attaching options for every four new CDIs, exercisable at AU$0.93, plus one piggyback option for each attaching option exercised, exercisable at AU$1.40. The SPP’s piggyback entitlement depends on ASIC relief; without it, SPP participants would instead receive one attaching option for every new CDI. Bell Potter, which acted as lead manager and bookrunner, is also due to receive 3.85 million unlisted options under the broader AU$14 million raise.

Clinical Execution Now Carries the Story

The funding strengthens Nyrada’s balance sheet, but it does not settle the central scientific question. Phase I testing in 48 healthy volunteers found Xolatryp safe and well tolerated, with no dose-limiting toxicities or serious adverse events reported; PROTECT-MI will test whether that safety profile translates into a measurable benefit for patients suffering a heart attack.

Three Australian trial sites are active, with additional sites committed across Australia and New Zealand and further expansion being evaluated. The next meaningful evidence point is therefore not the size of the raise, but whether recruitment progresses quickly enough to deliver the first-eight-patient safety review and, later, whether cardiac MRI, biomarkers, cardiac function and arrhythmia measures support the company’s development case.