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Noxopharm raises A$4M for US subsidiary to fund drug development

Australia's Noxopharm Ltd raised A$4 million in proceeds, before costs, from an issuance of convertible notes.

Nyrada is looking to list on the Australian Securities Exchange in 2018 with an IPO in the form of a CHESS depository interest, a mechanism that allows foreign companies to trade on the local market.

Nyrada is also looking to list on a U.S. exchange in 2019.

U.S. based subsidiary Nyrada will fund the development of three medicines with the proceeds from the notes. The drugs include brain damage therapy NYX-104, anti-inflammatory candidate NYX-205 and cholesterol medication NYX-330.

The notes mature in July 2019 and will convert to Nyrada shares if the subsidiary lists publicly.

Noxopharm owns 66.7% of Nyrada, with 33.3% owned by a private Australian biotech group, Altnia Holdings. Noxopharm's ownership will increase to approximately 60% after the conversion of the notes, while Altnia will own 27%.