Emyria Raises $3m for clinical trials
- Clinical-stage biotech company Emyria (EMD) has received firm commitments to raise $3 million via a share placement
- The company will issue more than 15.8 million shares to private investors at 18 cents per share to raise the funds — a 14.8 per cent discount to its last closing price
- Participants will also receive one free unlisted option for every two shares subscribed for, exercisable at 35 cents and expiring three years from their date of issue
- EMD will use the money to advance its phase three trial of EMD-RX5, support a phase one trial of EMD-RX7 and advance screening for its MDMA-inspired drug discovery program
- Company shares are up 2.38 per cent and trading at 21.5 cents at 3:00 pm AEDT
