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Noxopharm spin-off Nyrada Inc lists on the ASX after raising $8.5 million

Nyrada was established in 2017 to advance the non-oncology assets developed by Noxopharm, leaving Noxopharm free to concentrate on the development of Veyonda.

Noxopharm Ltd - Noxopharm spin-off Nyrada Inc lists on the ASX after raising $8.5 million
Noxopharm will remain a major shareholder in Nyrada with 2 board nominees

Noxopharm Ltd’s (ASX:NOX) spin-off company Nyrada Inc (ASX:NYR) has listed on the ASX today after raising $8.5 million from a fully subscribed initial public offer (IPO).

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.

Quick facts: Noxopharm Ltd

Price: 0.41 AUD

ASX:NOX
Market: ASX
Market Cap: $87.43 m
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