- Emyria (EMD) has received firm commitments to raise $5 million in a well-supported placement to sophisticated and strategic investors
- The company will issue approximately 28.57 million new ordinary shares at 17.5 cents each to participants in the placement
- Investors will also receive one free attaching unlisted option for every two shares they bought in Emyria
- Proceeds will go towards advancing company initiatives, including clinical drug trials, FDA regulation processes, data analysis, and IP filing
- Emyria is down 2.5 per cent and trading at 20 cents per share
Emyria (EMD) has received firm commitments to raise $5 million in a well-supported placement to sophisticated and strategic investors.
The placement was led by lead broker Sixty Two Capital, which corner-stoned $800,000 into the placement in order to consolidate its existing holding in the company.
Under the capital raise, Emyria will issue approximately 28.57 million new ordinary shares in the company to participants in the placement, at an issue price of 17.5 cents per share.
Investors will also receive one free attaching unlisted option for every two shares they bought in Emyria. These options will be exercisable at 35 cents each and will expire two years from their date of issue.
The success of this placement has increased Emyria’s current cash position to roughly $8.5 million. The proceeds will go towards advancing a number of company initiatives related to its drug development pipeline.
Emyria’s Managing Director, Dr Michael Winlo, commented on the results of the company’s well-supported placement, and what the proceeds will be used for.
“We’re very pleased with the significant support we received for this strategic placement,” he said.
“These funds will help advance the TGA registration programs already underway for EMD-003 and EMD-004, help map out a US regulatory strategy for our expanding pipeline and help us prepare a clinical trial in psychedelic-assisted therapy for major, unmet mental health concerns – an area of increasing need globally,” he added.
In addition, the proceeds will also allow the company to achieve milestones related to plans for registrations with the US Food and Drug Administration (FDA), as well as the generation and filing of additional intellectual property (IP) for future drug development programs.
Emyria is down 2.5 per cent, trading at 20 cents per share at 3:06 pm AEST.