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