Emyria Ltd (ASX:EMD) has secured firm commitments to raise $3 million in a well-supported placement to sophisticated and strategic investors to advance its cannabinoid registration and MDMD-analogue development.
Notably, the placement is cornerstoned by a $1 million investment from lead manager Sixty-Two Capital along with a follow-on $500,000 investment from Tattarang’s Tenmile Ventures.
Funds raised will be used to:
- Advance the Phase 3 clinical trial supporting registration and commercialisation activities of EMD-RX5 as an over-the-counter treatment with the TGA.
- Support the Phase 1 clinical trial of EMD-RX7.
- Advance multiple preclinical screening programs for Emyria’s novel MDMA-inspired drug discovery program being developed with the University of Western Australia.
- Working capital.
“Substantial drug discovery pipeline”
Emyria managing director Dr Michael Winlo said: “We are very pleased to have had strong support from our long-term investors who share our vision to develop registered medicines with the potential to transform the lives of millions of people around the world.
“We look forward to advancing our clinical programs focused on neuroscience and mental health levering our unique Ultra-Pure cannabinoid formulations, Real-World Data and our substantial drug discovery pipeline inspired by MDMA.”
In a strong validation of the company's strategy, Emyria directors have subscribed for shares valued at $150,000, subject to shareholder approval
Placement summary
The placement is being conducted at an offer price of A$0.18 per share, representing a 14.3% discount to the last traded price of A$0.21.
New shares issued under the placement will rank equally with the company’s existing shares on issue.
Participants in the placement will also be issued 1 free unlisted EMD option for every two new placement shares subscribed. The unlisted options will have a $0.35 strike and an expiry date three years from the date of issue.
Any shares issued on exercise of the new options will rank equally with the company’s fully paid ordinary shares then on issue.