Emyria secures $5 million placement to advance drug registration activity and expand treatment pipeline

Emyria Ltd (ASX:EMD) has received firm commitments from sophisticated and strategic investors in a well supported $5 million placement.  Lead broker Sixty Two Capital identified investors aligned with the company’s strategic focus to register new treatments that are backed by Emyria’s unique clinical data and intellectual property.  A total of 28.57 million new ordinary shares will be issued at $0.175 per share together with a 1 for 2 free attaching unlisted option exercisable at $0.35 expiring two years from the date of issue.  “Funds to advance regulatory strategy”  Funds from the placement are expected to:  Advance pivotal clinical trials for EMD-003 (for mental health) and EMD-004 (for irritable bowel syndrome) important first steps towards registration with the TGA;  Define US FDA regulatory pathways for Emyria’s growing drug development programs;  Initiate scoping of a psychedelic-assisted therapy clinical trial in partnership with Mind Medicine Australia; and  Support further data analysis and IP filing based on Emyria Data ahead of additional drug development programs for new indications. Emyria managing director Dr Michael Winlo said: “We’re very pleased with the significant support we received for this strategic placement.  “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.” Sixty Two Capital cornerstone As lead broker to the placement, Sixty Two Capital will receive a 6% capital raising fee and 5 million unlisted options on the same terms and conditions as the attaching options.  Additionally, $800,000 of the placement will be corner-stoned by Sixty Two Capital to consolidate its existing holding in the company. Sixty Two Capital director Sufian Ahmad said: “Sixty Two Capital is excited to cornerstone this investment and further increase its holding in Emyria.  “We believe that Emyria’s model of using its unique real world data to establish multiple cannabinoid and other drug registrations will allow the Emyria to achieve what few companies globally have been able to accomplish to date.”