Nyrada Inc. (ASX: NYR) released an announcement about its new lead brain injury drug candidate NYR-BI02. The new drug shows improved properties compared to the previous candidate NYR-BI01. Exploratory studies show that it can be taken orally, which is the preferred dosing method for concussion patients, as well as intravenously, which is the preferred dosing method for severe TBI and stroke. The company has also confirmed that NYRBI02 readily crosses the blood-brain barrier, providing assurance that it should reach therapeutic levels in the brain. There is currently no FDA approved drug to treat secondary brain injury which is a significant unmet medical need.
Nyrada has now selected NYR-BI02 as the preferred candidate to take forward into a Phase I clinical trial in Australia, which will evaluate the safety and tolerability of the new drug and the company anticipates that the trial will commence during the second half of CY2022. This ASX announcement confirms that Nyrada plans to have two phase one clinical trials running during the second half of this year. The second trial will test the safety, tolerability and efficacy of the company’s PCSK9 inhibitor as a drug candidate to lower cholesterol. Given the significance of the upcoming clinical trials, Canary Capital is optimistic about the company’s prospects for the rest of 2022.
ASX RELEASE 29.032022