Clinical services and drug development company Emyria Ltd (ASX:EMD) has received a high level of support from shareholders, raising $1.18 million in an non-renounceable pro rata entitlement offer.
Emyria CEO Dr Michael Winlo was pleased with the level of support, viewing the result as a vote of confidence in the company’s commitment to leading the evolution of mental health treatments. He pointed to Emyria’s focus on MDMA-assisted therapy and its recent acquisition of leading psychological trauma centre, the Pax Centre.
“We're now moving to advance our MDMA-therapy roll-out and drug development initiatives. On behalf of the Board and Management, we thank our shareholders for backing our vision to transform mental health,” said Winlo.
In recent weeks Emyria secured the supply of locally available MDMA which was pivotal for initiating dosing in the upcoming trial, while recent results from a second Phase 3 clinical trial have underscored the efficacy of MDMA-assisted therapy for Post-Traumatic Stress Disorder.
With the acquisition of the Pax Centre in Perth, Emyria has a unique combination of specialist oversight, state-of-the-art facilities, and data capture capabilities to deliver and evaluate its MDMA-assisted therapy (MDMA-AT).
Entitlement details
The entitlement offer, which closed on September 28, was made on the basis of 1 new fully paid ordinary share for every 7.5 existing shares held at the record date of September 13, at an issue price of $0.075 per new share, plus one free attaching new option for every two new shares subscribed for and issued.
The company received valid applications from eligible shareholders totalling approximately $1.18 million, with the new shares and options expected to be issued today. The new shares will rank equally with existing fully paid ordinary shares on issue, and the new options will have an exercise price of $0.12 and expire three from the date of issue.
Emyria directors and the lead manager, Sixty Two Capital Pty Ltd, reserve the right to place the shortfall within three months of the closing date. The company says it will update the market on the issue of any shortfall in due course.