Emyria Ltd (ASX:EMD) has received firm commitments from sophisticated and strategic investors in a well-supported $2.5 million placement at an offer price of 15 cents per share.
The funds raised from the placement will be used to:
- support delivery of MDMA-assisted and psilocybin-assisted therapy;
- advance pivotal clinical trials of Emyria’s Ultra-Pure cannabinoid products and;
- advance the preclinical screening for Emyria’s novel MDMA-inspired drug discovery program being developed with the University of Western Australia; and
- working capital.
Innovative treatment development programs
Emyria managing director Dr Michael Winlo said: “This $2.5 million placement shows the confidence of our strategic investors in Emyria’s vision and potential.
“This investment enables us to advance multiple, innovative treatment development programs as well as deliver scalable, evidence-generating psychedelic-assisted therapy with our specialist partners.
“We are well set to deliver on our vision of improving the lives of patients with mental health and neuroscience challenges while generating enduring value for our Shareholders.”
Placement summary
The placement is being conducted at an offer price of A$0.15 per share, representing an 11.76% discount to the last traded price on April 21, 2023.
Participants in the placement will also be issued one free unlisted EMD option for every new placement share subscribed.
The placement is jointly led by Sixty-Two Capital and Taylor Collison.