- Clinical-stage biotech company Emyria (EMD) has received firm commitments to raise $3 million via a share placement
- The company will issue more than 15.8 million shares to private investors at 18 cents per share to raise the funds — a 14.8 per cent discount to its last closing price
- Participants will also receive one free unlisted option for every two shares subscribed for, exercisable at 35 cents and expiring three years from their date of issue
- EMD will use the money to advance its phase three trial of EMD-RX5, support a phase one trial of EMD-RX7 and advance screening for its MDMA-inspired drug discovery program
- Company shares are up 2.38 per cent and trading at 21.5 cents at 3:00 pm AEDT
Clinical-stage biotech company Emyria (EMD) has received firm commitments to raise $3 million via a share placement.
The company will issue more than 15.8 million shares to sophisticated and strategic investors at 18 cents per share to raise the funds.
This price represents a 14.3 per cent discount to Emyria’s closing price of 21 cents on October 26.
Participants will also receive one free unlisted option for every two shares subscribed for, exercisable at 35 cents and expiring three years from their date of issue.
Subject to shareholder approval, Emyria directors will subscribe for $150,000.
Emyria will use the money to advance its phase three clinical trial supporting the registration and commercialisation of its EMD-RX5 product, the phase one clinical trial of EMD-RX7, and to advance preclinical screening programs for its MDMA-inspired drug discovery program.
Shares are expected to settle on November 14 and be allocated on November 16.
“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,” Managing Director Michael Winlo said.
“We look forward to advancing our clinical programs focussed on neuroscience and mental health levering our unique Ultra-Pure cannabinoid formulations, Real-World Data and our substantial drug discovery pipeline inspired by MDMA.”
Emyria was up 2.38 per cent and trading at 21.5 cents at 3:00 pm AEDT.
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