Nyrada (ASX:NYR) boasts of robust cash position of A$11.1M

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Nyrada (ASX:NYR) boasts of robust cash position of A$11.1M

Nyrada Inc., Quarterly Activities Report, Cholesterol-Lowering, Brain Injury Programs, Charles River Laboratories, PCSK9 inhibitor technology, Pilot Traumatic Brain Injury
Image source: © Matthieuclouis| Megapixl.com

Highlights

  • Nyrada shares its Quarterly Activities Report along with a summary of progress for its Cholesterol-Lowering and Brain Injury Programs.
  • As of 31 December 2021, the company reported a strong cash position of AU$11.1 million.
  • Nyrada received an FY2021 R&D tax incentive refund of AU$1.3 million, further boosting its available capital resources.

ASX-listed drug development company Nyrada Inc (ASX:NYR) released its Quarterly Activities Report for the period ending 31 December 2021, along with a summary of progress for its Cholesterol-Lowering and Brain Injury Programs.

As of 31 December 2021, the company reported a strong cash position of AU$11.1 million. Nyrada anticipates that its cash outflows in future quarters will increase as its two Programs progress towards Phase I clinical trials. Besides, the company received an FY2021 R&D tax incentive refund of AU$1.3 million, which further boosted its available capital resources. 

The company stated that its drug development programs made good progress at the end of 2021. It is advancing to the next stage as Nyrada begins transitioning to a clinical drug development company in 2022. 

Some Highlights from Cholesterol-Lowering Program and Brain Injury Program include:

Cholesterol-Lowering Program: - 

  • The company has appointed Charles River Laboratories to conduct safety pharmacology and toxicology studies in Nyrada’s cholesterol-lowering drug in the US in 1H CY2022.
  • Australian world-class clinical research centre will conduct Phase I first-in-human clinical trial, set to begin in 2H CY2022.
  • Phase I dose-escalation study will study the safety, tolerability and effectiveness of Nyrada’s cholesterol-lowering drug candidate.

Brain Injury Program: - 

  • Nyrada’s brain injury drug candidate to be tested in preclinical model of stroke in Q1 CY2022.
  • Pilot Traumatic Brain Injury (TBI) preclinical study under Nyrada-UNSW Sydney-WRAIR collaboration advancing well to optimise efficacy study design.
  • Phase I study to start in 2H CY2022.

Meanwhile, on the ASX, NYR closed trading 2.173% higher at AU$0.235 per share.

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