- 01Nyrada raises A$12m; targets A$2m more via SPP.
- 02Funding to ~A$22.1m pre-SPP; ~A$15.8m for clinical.
- 03PROTECT-MI IIa in STEMI; topline 2027.
Nyrada (ASX: NYR) has raised A$12.0 million through a placement of approximately 19.4 million CHESS Depositary Instruments (CDIs) and will target a further A$2.0m through a securities purchase plan to fund development of its lead drug candidate Xolatryp.
The placement was priced at A$0.62 per CDI, representing a 15.1% discount to the last traded price and an 11.4% discount to the five-day volume-weighted average price.
Together with Nyrada’s existing cash balance and an estimated research and development tax incentive rebate, the placement would lift available funding sources to A$22.1m before any SPP proceeds, with A$15.8m earmarked for clinical development.
The immediate focus is the ongoing PROTECT-MI Phase IIa trial assessing Xolatryp in patients with ST-elevation myocardial infarction undergoing percutaneous coronary intervention, alongside development programs in oncology, stroke, and a next-generation orally dosed transient receptor potential canonical (TRPC) inhibitor.
Raising to Back Clinical Expansion
Nyrada’s board will participate in the placement for A$5.125m on the same terms, with director participation subject to CDI holder approval at a general meeting expected around February 2027.
Placement and SPP participants will receive three attaching options for every four new CDIs subscribed for, exercisable at A$0.93 and expiring on 25 September 2028, plus one piggyback option for each attaching option exercised at A$1.40 with a 26 September 2030 expiry.
“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,” chief executive James Bonnar said.
“We are now well-positioned to complete our Phase IIa trial and fortify our business by enhancing our pipeline, develop an oral dose TRPC asset, and developing a commercial dose form of Xolatryp.”
PROTECT-MI Phase IIa
PROTECT-MI is a randomised, double-blind, placebo-controlled study targeting 100 evaluable patients, with patients assigned equally between Xolatryp and placebo.
The first patient was dosed in July 2026, marking the start of recruitment into the cardiac reperfusion injury study.
Three Australian sites are active and a further six sites across Australia and New Zealand are committed or progressing towards activation, with further expansion under evaluation.
A safety review after the first eight patients is expected in the second half of 2026, while topline Phase IIa data are anticipated in the third or fourth quarter of 2027.
Nyrada’s preceding Phase I trial enrolled 48 healthy volunteers and reported all doses as safe and well tolerated, with no dose-limiting toxicities or serious adverse events observed and therapeutic exposure achieved within 10 minutes.
Beyond Cardioprotection
Capital from the raise is intended to support a Phase Ib study assessing Xolatryp as a combined anti-cancer and cardioprotective oncology therapy, as well as a prerequisite stroke model designed to position the drug for a Phase IIa study.
Preclinical oncology work reported greater tumour growth inhibition when Xolatryp was combined with doxorubicin than with doxorubicin alone, while separate work showed sustained protection of cardiac function in a model of doxorubicin-induced cardiomyopathy.
Nyrada has also reported statistically significant neuroprotection in preclinical models of ischaemic stroke and traumatic brain injury, providing another development pathway from the same TRPC-targeted asset.
The broader program includes development of a commercial dose form of Xolatryp and initiation of a next-generation orally dosed TRPC inhibitor, with the capital raise intended to carry PROTECT-MI through completion and topline data while advancing these additional programs.
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