Nyrada is a U.S.-registered company and has listed on the ASX as a foreign entity. Accordingly, its securities will trade as CHESS Depositary Interests (CDIs).
On a fully diluted basis, Noxopharm post-listing will hold 26.9% shareholding in Nyrada. 7.1% of this shareholding is in the form of performance shares bearing the milestone of assets becoming clinic-ready.
Four drug programs
Nyrada was established in 2017 with three drug assets transferred from Noxopharm. It then acquired a fourth asset through the purchase of an external private company.
The four Nyrada drug programs are seeking the development of:
- An oral PCSK9 inhibitor to assist in the lowering of LDL cholesterol in patients where statin therapy is inadequate;
- A neuroprotectant to reduce secondary brain damage and long-term disability following stroke or traumatic brain injury;
- A drug to reduce inflammation and pain in peripheral nerves associated with crush injury (eg. sciatica) and chemical injury (eg. chemotherapy); and
- A drug to reduce chronic inflammation leading to autoimmune diseases including psoriasis and multiple sclerosis.