Nyrada Inc Update on GLP Studies

Nyrada Inc.  released an update on the Good Laboratory Practice (GLP) studies being conducted on the company’s drug candidate to treat stroke and traumatic brain injury (TBI). So far three out of nine studies have been disclosed with no issues being reported. The remaining results will be announced during the next couple of months with the phase I clinical trial still scheduled to commence before the end of calendar year 2024.

In February 2024, Nyrada released results from a study conducted in mice which showed that its drug candidate to treat stroke and TBI (NY-BI03) provided a statistically significant (p value 0.068) level of neuroprotection, rescuing 42% of brain injury in the penumbra region in treated animals. Following this announcement the stock moved from 1.9 cents to a high of 17 cents over two days. A small $1.755m placement was conducted by Canary at 7.5 cents per CDI (Chess Depository Instruments).

Canary would like to update investors about the upcoming milestones for Nyrada which could lead to a substantial rise in investor interest in the stock during the remainder of calendar year 2024:

In the same announcement, the company provided an update on the rodent model study with the WRIAR stating that MRI analysis of the brains has commenced at the University of New South Wales. If the results from the WRIAR rodent study are positive, Canary Capital expects that there will be a substantial amount of interest returning to Nyrada, as well as opening up opportunities for significant non-dilutive funding from organisations like the Department of Defence in the United States.

Nyrada Inc is funded to the end of the Phase 1 clinical trial.