Nyrada Inc. (ASX:NYR) Reports Strong Quarterly Progress
Development Milestones for NYR-BI03
Nyrada Inc. (ASX:NYR) has reported significant advancements in its lead drug candidate, NYR-BI03. A recent preclinical efficacy study indicated an 86% cardioprotective effect after myocardial ischemia-reperfusion injury. This outcome highlights NYR-BI03’s substantial potential in addressing ischemia-reperfusion injury, a leading cause of heart tissue damage.
Additionally, the company has successfully completed Good Laboratory Practice (GLP) safety studies, confirming NYR-BI03’s favourable safety profile. This progress sets the stage for the impending Phase Ia Clinical Trial. The regulatory package for this trial has been submitted to the Human Research Ethics Committee (HREC), with recruitment and dosing expected to commence soon.
Financial Strength
Nyrada reported a solid financial position at the end of December 2024, with a cash balance of AU$5.71 million. The company raised AU$3.29 million through a fully subscribed placement and an additional AU$0.09 million via a Securities Purchase Plan. The firm also received an R&D tax rebate of AU$1.24 million, underpinning its financial robustness.
The anticipated additional AU$0.07 million from Non-Executive Director participation is subject to approval at the upcoming Extraordinary General Meeting. The total cash operating outflows for the December quarter were AU$1.72 million, demonstrating effective cash management amid ongoing research activities.
Future Expansion and Clinical Trials
Nyrada’s plans include advancing to Phase II clinical trials for stroke and ischemia-reperfusion injury in Australia and for traumatic brain injury in the US, contingent upon satisfactory completion of Phase I. The ongoing collaboration with the Walter Reed Army Institute of Research also aims to assess the efficacy of NYR-BI03 in rodent models of traumatic brain injury.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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