Key Highlights

  • Nyrada has received firm commitments for a Placement of about 19.4 million CDIs at A$0.62 each, raising A$12.0 million before costs.
  • The issue price is a 15.1% discount to the last traded price and an 11.4% discount to the five-day VWAP.
  • The Board will participate for A$5.125 million, subject to CDI holder approval at a general meeting estimated for February 2027.
  • A non-underwritten Securities Purchase Plan targets a further A$2.0 million, opening on 12 October 2026.

Nyrada Inc. (ASX:NYR), a clinical stage biotechnology company developing Transient Receptor Potential Canonical (TRPC) ion channel inhibitors, has received firm commitments for a placement of about 19.4 million CHESS Depositary Instruments (CDIs) at A$0.62 per CDI. The placement raises A$12.0 million before costs from new and existing professional and sophisticated investors. It follows the recent commencement of the Phase IIa trial of Xolatryp in patients with a heart attack.

Placement Terms and Options

The A$0.62 issue price is a 15.1% discount to the last traded price and an 11.4% discount to the five-day Volume weighted average price. Participants receive, for nil consideration, three attaching Options for every four new CDIs subscribed for, each with an exercise price of A$0.93 and expiring on 25 September 2028. They also receive one piggyback option for every attaching option exercised, with an exercise price of A$1.40 and expiry on 26 September 2030. Bell Potter Securities acted as sole lead manager and bookrunner and, based on a A$14.0 million total raise, will receive 3.85 million unlisted broker options exercisable at A$0.93 and expiring on 25 September 2029. Settlement is expected on 24 September 2026, with CDIs issued on 25 September 2026.

Director Participation

The Nyrada Board will participate in the placement for A$5.125 million on the same terms, which is about 43% of the A$12.0 million placement. Director participation is subject to CDI holder approval at a general meeting estimated to be held in February 2027, with a notice of meeting to follow. The release states that the placement and the options are within the company's available capacity under ASX Listing Rules 7.1 and 7.1A.

Securities Purchase Plan

Nyrada will also undertake a non-underwritten Securities Purchase Plan targeting A$2.0 million on substantially the same terms. Eligible CDI holders may apply for up to A$30,000 of CDIs at A$0.62 without brokerage. The Record Date is 18 September 2026, the plan opens on 12 October 2026 and is expected to close on 26 October 2026, with an offer booklet due on 9 October 2026. Issue of piggyback options to SPP participants depends on ASIC relief from section 716(1) of the Corporations Act. If relief is not granted, participants will instead receive one revised attaching option for every CDI subscribed for. The board may scale back applications if the plan is oversubscribed.

Use of Proceeds and Xolatryp Program

Proceeds, together with existing cash reserves, will fund completion of the Phase IIa trial of Xolatryp in cardiac ischemia reperfusion injury, a Phase Ib trial as a combined anti-cancer and cardioprotection oncology drug, and a preclinical stroke model. They will also fund development of a commercial dose form of Xolatryp and an oral TRPC channel inhibitor, plus corporate, Working Capital and raise costs. Xolatryp is a small-molecule inhibitor of TRPC3/6/7 channels. Its Phase I trial is complete, and the Phase IIa trial assesses safety and preliminary efficacy in STEMI patients undergoing percutaneous coronary intervention. The release does not disclose the company's existing cash balance.

Key Insights

Nyrada has secured A$12.0 million at A$0.62 per CDI, a discount of 15.1% to the last traded price, with a further A$2.0 million targeted through an SPP. The Board's A$5.125 million commitment depends on CDI holder approval in about February 2027, and SPP option terms depend on ASIC relief. Funds are directed to the Phase IIa trial, a Phase Ib oncology trial, a preclinical stroke model and formulation work. The release does not state the existing cash balance.