Emyria Ltd (ASX:EMD) has raised $3 million in a well-supported placement and will issue more than 15.833 million shares to new and existing institutional and sophisticated investors at an issue price of 18 cents per share.
In addition, the capital raise also included the issue of 7.9 million attaching options at $0.35 per option, expiring on November 22, 2025.
The placement received strong demand, including follow-on investment from Tattarang’s Tenmile Ventures and Sixty-Two Capital.
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 ongoing development of EMD-RX7, Emyria’s high-dose CBD.
- Advance multiple preclinical screening programs for Emyria’s novel MDMA-inspired drug discovery program being developed with the University of Western Australia.
- Business development and working capital.
Director participation
Emyria’s directors will participate in the placement to the value of $150,000, subject to shareholder approval.
The new shares have been issued utilising the company’s existing placement capacity under ASX Listing Rule 7.1A with the options issued under ASX listing rule 7.1.
About Emyria
Emyria is a clinical-stage biotech developing treatments for mental health and neurological conditions.
The company has developed a range of proprietary, cannabinoid-based pharmaceuticals and is leading an MDMA-inspired drug discovery program.
Emyria also manages a network of specialist medical clinics that provide crucial Real-World Data that supports its drug development initiatives.