NYRADA INC (ASX:NYR) 18 Subsequent to the close of the 2023 financial year, sufficient supply of the NYR-BI03 molecule was received to permit the commencement of GLP safety and toxicology studies. These studies are currently being undertaken. Subject to the successful conclusion of these GLP studies, Nyrada expects to commence a Phase I clinical study. TBI Efficacy Study and Stroke Model Study NYR-BI03 will also replace NYR-BI02 as the compound for preclinical efficacy testing in the WRAIR TBI model, and separately in a CRO stroke model. This work is expected to be conducted in the second half of this calendar year. Published Research Study Subsequent to the conclusion of the 2023 financial year, a research study led by Nyrada’s neuroscientist Dr. Jasneet Parmar was published in the journal Translational Stroke Research. This study assessed the impact of TRPC ion channel involvement in secondary brain injury. TRPC ion channel inhibition is the target of Nyrada’s brain injury program. Coauthored with SAB Chair and UNSW Scientia Professor Gary Housley, the study validated the pathophysiological role of TRPC ion channels in brain injury progression, showing that animals lacking the target TRPC ion channels were protected against expansion of a photothrombotic-induced stroke infarct in the days following injury. Dr. Parmar also presented on Nyrada’s brain injury program at the US Military Health System Research Symposium in midAugust 2023. Corporate Operations Nyrada continued to maintain lean corporate operations, prioritising capital allocation towards research and development (R&D). For the full 2023 financial year, in excess of 70% of net operating cash flow outflows were devoted for this purpose. Following the end of the 2023 financial year, the Company announced a review of operating costs and financial plans. As part of the review, the Nyrada Board of Directors voluntarily agreed to halve their director fees until further notice reducing the Company’s annualised operating outflows by approximately $0.3 million. Some other minor efficiencies have been achieved with an ongoing watch for further cost-reduction opportunities. At the conclusion of the September quarter, Professors David Burke and Gilles Lambert will retire from the Nyrada SAB. They remain available to consult to the Company should there be a future need. Board Changes In August 2022, Dr. Gisela Mautner was appointed to the Board as a non-executive director. Dr. Mautner is a medical doctor and brings over 20 years pharmaceutical industry experience encompassing all aspects of drug development, from clinical research through to product commercialisation. She is a seasoned senior leader, having held positions at MSD (Merck), Bayer and Amgen, where she successfully launched several new drugs in different therapeutic areas, including in cardiovascular diseases. In addition, Peter Marks retired from his role as a non-executive director on the Board to pursue a range of other interests, having supported Nyrada through its IPO and key first years as a listed company. Financial Position 2023 $ 2022 $ Cash and cash equivalents 3,708,761 10,816,039 Net assets / total equity 4,258,438 11,498,916 Contributed equity 25,320,332 25,320,332 Accumulated losses (27,216,732) (19,515,280) The Directors believe the Consolidated Entity is in a strong and stable financial position to expand its current operations.
RkJQdWJsaXNoZXIy MjE2NDg3