On behalf of the Board it is my pleasure to present
this investment opportunity to you in Nyrada Inc.
(Nyrada or the Company).
Nyrada is a pre-clinical stage, drug development
company specialising in the development of novel
small molecule drugs pertaining to cardiovascular,
neurological and chronic inflammatory diseases. We
believe we have identified drug candidates with
significant therapeutic and commercial potential
which may bring the Company to the attention of the
global pharmaceutical market.
Nyrada started as a spin-off company of Australian
biotechnology company, Noxopharm Limited
(ASX:NOX) (Noxopharm). Noxopharm has developed
proprietary know-how and expertise in the design
and delivery of a class of chemicals based on a
particular molecular scaffold known as flavonoids.
Flavonoids are molecules with multiple targets of
action, together with a generally high level of
tolerability. As the majority of degenerative diseases
involve multiple genetic errors, Noxopharm
regarded flavonoids as possessing significant
potential for the development of novel families of
drugs with polypharma activity to treat the
degenerative disease process in many common
Faced with the prospect of bringing its anti-cancer
drug through the clinic to market, Noxopharm in
2017 made the strategic decision to focus on
oncology applications of its proprietary flavonoid
technology platforms, leading Noxopharm to
establish Nyrada to provide a vehicle to develop nononcology applications of those same platforms.
Since its beginning in August 2017, Nyrada has
progressed to having three drug development
candidates in its portfolio (with an option to acquire
a fourth drug development candidate). All four R&D
programs target market sectors of significant size
and considerable unmet need.
The first program concerns a new form of
cholesterol-lowering drug. The aim here is an oral,
small molecule inhibitor of the plasma protein,
PCSK9, an action known to assist standard-of-care
statin drugs in achieving target cholesterol levels.
The potential market is the approximately half of
individuals with blood cholesterol levels considered
to be putting them at risk of cardiovascular disease
(heart attack, stroke) who do not respond adequately to statin drug therapy or who cannot tolerate
effective dosages of statins. Our objective is a single
tablet containing the Company’s PCSK9-inhibitor
along with a generic statin, offering a novel,
convenient dual-purpose medication.
The next program is a neuroprotectant. The aim
here is a drug capable of blocking a form of brain
damage known as excitotoxicity that follows primary
damage from stroke or other forms of traumatic
brain injury including severe concussion. This
secondary damage, currently untreatable, is thought
to be a major contributor to long-term disability
following brain injury. The impact that repeated
concussion is having in contact sports has brought
the need for a neuroprotectant drug to the
community’s attention, but an even greater need is
the roughly two-thirds of patients who survive a
stroke but are left with a permanent disability
requiring long-term assisted-living care. With some
800,000 people expected to suffer stroke this year in
the U.S., reducing the extent of long-term disability
and the cost of rehabilitation services and long-term
nursing care is an urgent community priority.
As at the date of this Prospectus, the programs
regarding the cholesterol-lowering drug and the
neuroprotectant are of equal priority.
The third priority is the peripheral neuropathic pain
program. The aim is a drug providing an antiinflammatory effect and thereby delivering effective
pain control in peripheral nerves associated with
injuries such as sciatica, nerve crush injuries and
Each of these programs is early-stage, but with a
clear development path ahead. We have what we
believe is a realistic expectation of being ready to
enter the clinic in late 2021 with at least one drug
candidate once we have completed all the necessary
Each of these areas of drug development has a large
unmet need, with few (if any) effective and welltolerated approved therapies. We believe that the
commercial opportunity is substantial.
Nyrada sees itself primarily as a drug discoverer and
early-stage drug developer. If necessary, it is
prepared to take the drugs through the clinical
development process to marketing approval, but all
of the disease markets outlined above are large,
making the task of bringing a drug through to
market both expensive and lengthy. Nyrada therefore sees its opportunity in identifying and
developing new drug opportunities, and then passing
those opportunities onto other companies with the
large infrastructure required to take drug
candidates through late-stage development and the
regulatory approval process.
As noted above, each of the three drug programs is
early-stage with at least another 18-24 months of
laboratory work before potentially being ready to be
tested in humans. This is a lengthy journey we are
embarking on and one that carries the usual range
of risks associated with drug development. You
should carefully read Section 9, which details some
of these risks.
The Company’s board has a proven track record in
growing public companies, particularly drug
development companies, and is supported by a
group of eminent scientists from around the world
Under this Prospectus, Nyrada is seeking to raise up
to $8,500,000 through the issue of CHESS Depositary
Interests (CDIs). CDIs are units of beneficial
ownership in Shares and trade in a manner similar
to shares of Australian companies listed on ASX.
The Offer Price is $0.20 per CDI.
This Prospectus contains detailed information about
the Company, its Business, its drug programs, its
financial position, its prospects, the Board and
management team and the material risks
associated with an investment in the Company.
Before applying for CDIs, you should satisfy yourself
as a prospective investor in the Company that you
have a sufficient understanding of the risks involved
in making an investment in the Company (for further
information in relation to some of the risks involved,
please see Section 9).
Statistically, a very low proportion of drug research
companies make it from a pre-clinical stage to a
successful commercialisation stage. Despite this
risk, the Directors believe the potential upside is very
substantial, with all drug candidates aimed at
targets with large unmet medical need. We at
Nyrada are excited by the prospects of the Business
as outlined in this Prospectus. However, potential
investors should consider that any investment in the
Company is highly speculative, contains risks, and
should consult their professional advisers before
deciding whether to apply for CDIs pursuant to this
I encourage you to read this entire document
carefully and to consult with your professional
advisers before making an investment decision.
Should you decide to proceed, then I look forward to
welcoming you as a holder of CDIs in Nyrada.