- Nyrada (NYR) has placed its shares in a trading halt while it plans an upcoming capital raising
- The company will remain in the halt until March 22 or when an announcement with more information is released, whichever occurs first
- On February 1, Nyrada partnered with the Walter Reed Army Institute of Research and UNSW Sydney for a preclinical program
- This partnership will determine whether Nyrada’s leading neuroprotection compound drug can reduce the damaging effects of traumatic brain injury
- Work has begun and will run for a two-year term with results expected to be reported on in 12 months
- Shares in Nyrada last traded at 31.5 cents on March 16
Nyrada (NYR) has placed its shares in a trading halt while it plans an upcoming capital raising.
The company will remain in the halt until March 22 or when an announcement with more information is released, whichever occurs first.
Nyrada is yet to disclose how much it intends to raise or what it will do with the funds once they have been received.
On February 1, Nyrada partnered with the Walter Reed Army Institute of Research and UNSW Sydney for a preclinical program.
This partnership will determine whether Nyrada’s leading neuroprotection compound drug can reduce the damaging effects of traumatic brain injury (TBI).
Besides neurosurgery and physical rehabilitation, there are currently no treatments for TBI — representing a significant, unmet need.
Work has begun and will run for a two-year term with results expected to be reported on in 12 months.
For the half-year ending December 31, 2020, Nyrada recorded a loss after tax of nearly $2.7 million, an increase of 17 per cent from $2.3 million in the prior corresponding period.
Additionally, the company spent $557,838 on corporate and administration activities.
As of December 31, Nyrada had a cash position of just over $4.05 million.
Shares in Nyrada last traded at 31.5 cents on March 16. The company has a $34.91 million market cap.