Nyrada Inc., a U.S. spinoff of Australian drugmaker Noxopharm Ltd., said it is listing on the ASX after raising A$8.5 million in an IPO.
Nyrada's securities will trade on the stock exchange as CHESS depositary interests, or CDIs — instruments that allow non-Australian companies to list their shares on the ASX. Nyrada offered 42.5 million CDIs at 20 Australian cents each under the IPO.
Alto Capital acted as lead manager for the IPO while CPS Capital Group acted as co-lead manager.
Noxopharm established the spinoff in 2017 to advance its non-oncology assets and allow it to focus on the development of its prostate cancer drug Veyonda. Noxopharm will retain a 26.9% shareholding in Nyrada post-listing.
Nyrada has three wholly owned drug programs: A PCSK9i inhibitor drug aimed at assisting statin drugs in lowering cholesterol levels which put patients at risk of heart disease; a neuroprotectant drug designed to restrict loss of brain function in patients who have experienced a stroke or traumatic brain injury; and a drug to treat inflammation and pain related to peripheral nerve damage.