Noxopharm Ltds (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 Read More – Source
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