Emyria Ltd (ASX:EMD) has an extra $5 million in the bank after a successful share placement to strategic investor Tattarang – one of Australia’s largest private investment groups that is owned by the Forrest family.
Tattarang will invest $5 million in the data-backed drug development and care delivery company and will receive a total of 20 million shares at A$0.25 per share as well as a 7.3% interest in Emyria.
The investor will also be issued 10 million options in Emyria at an exercise price of A$0.40 per option and an expiry date two years from the date of issue.
Funds raised will be used to accelerate synthetic cannabinoid registration programs with the TGA and FDA, and advance Emyria’s novel MDMA-analogue development program with the University of Western Australia.
Investment to fast-track innovation
Tattarang looks to be fully on board with EMD’s drug development program
“Emyria’s investment in industry-leading data collection at the front-line of care will allow it to innovate faster and help bring new treatments to those who need them, faster and more cost-effectively,” Tattarang chief investment officer John Hartman said.
“We believe evidence-based, and properly registered, medicinal cannabis and novel psychedelic treatments have massive growth potential across global healthcare jurisdictions. Emyria’s data-driven approach positions it strongly to lead the accelerated development and registration of new treatment options that can potentially benefit millions of patients.”
Highlights Tattarang’s strong support
“We are delighted to receive Tattarang’s strong support with this placement,” Emyria’s managing director Dr Michael Winlo said.
“Tattarang shares our long-term vision to accelerate the development and registration of medicines that can transform the lives of millions of people around the world living with conditions for which current therapies are either ineffective, cause unwanted side effects or are yet to be created.
“Emyria is the only ASX-listed company that controls patient-treating clinics and a clinical-trial-grade data system and uses these assets to accelerate the development and registration of new drugs, digital technologies and care models.
“Our current leading programs cover synthetic cannabinoid-based pharmaceuticals, MDMA-assisted therapy and novel psychedelic drug development. We are very pleased to welcome Tattarang to be part of this next phase of growth.”