Emyria (ASX:EMD) to raise $3 million for clinical trials – The Market Herald

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  • Clinical-stage biotech company Emyria (EMD) has received firm commitments to raise $3 million through an equity offering
  • The company will issue more than 15.8 million shares to private investors at 18 cents per share to raise funds – a 14.8% discount from its last closing price
  • Participants will also receive a free unlisted option for two subscribed shares, 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
  • The company’s shares are up 2.38% and trading at 21.5 cents at 3:00 p.m. AEDT

Clinical-stage biotech company Emyria (EMD) has received firm commitments to raise $3 million through an equity offering.

The company will issue more than 15.8 million shares to sophisticated and strategic investors at 18 cents per share to raise funds.

This price represents a 14.3% discount for Emyria’s closing price of 21 cents on October 26.

Participants will also receive a free unlisted option for two subscribed shares, 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 commercialization 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.

The shares are expected to be settled on November 14 and awarded on November 16.

“We are very pleased to have received strong support from our long-term investors who share our vision of developing registered medicines with the potential to transform the lives of millions of people around the world,” said Chief Executive Officer Michael Winlo. .

“We look forward to advancing our clinical programs focused on neuroscience and
mental health by leveraging our unique formulations of ultra-pure, real-world cannabinoids
The data and our significant MDMA-inspired drug discovery pipeline. »

Emyria was up 2.38% and trading at 21.5 cents as of 3:00 p.m. AEDT.

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