Emyria has announced a number of changes to its board as the ASX-listed firm looks to cut running costs.
Dr Alistair Vickery has retired from the board to concentrate on the company’s clinical service expansion and advancing its MDMA-assisted therapy programs.
Meanwhile, Dr Stewart Washer will move from executive to non-executive chairman at a reduced fee of A$80k per annum (from $200k) and Dr Karen Smith becomes a non-executive director with a salary “in line with” board colleagues.
Following the changes, all board directors have moved to non-executive roles with the exception of managing director Dr Michael Winlo.
Emyria told the ASX: “This streamlining is expected to halve annual board costs, reflecting the company’s commitment to cost efficiency and a strategic focus on advancing [its] active MDMA-assisted therapy programs and novel drug-development initiatives.”
The changes are effective immediately.
ASX-listed Wellnex Life has announced a A$13.6 million capital raise to help fund its acquisition of topical pain relief brand Pain Away Australia for $22m.
All of the company’s directors and its largest shareholder, Homart Pharmaceuticals, have committed to participating in the entitlement offer with the firm targeting a return to ASX trading on December 11.
Neurotech has received a A$3.17 million research and development (R&D) tax incentive refund from the federal government relating to activities in FY23.
The firm said the refund takes its September 30, 2023 pro-forma cash balance to $6.1m, sufficient to fund its operations through FY24 and complete all active clinical trials across three paediatric neurological disorders.
Executive director Dr Thomas Duthy added: “Neurotech has moved very rapidly from a pre-clinical to clinical-stage drug-development company with active clinical trials in autism, PANDAS/PANS and Rett Syndrome, all commencing within the last 12 months, with PANDAS/PANS recently delivering significant clinical effects in patients.”
Melodiol Global Health
Melodiol has reduced the issue price of shares in its latest capital raise from A$0.005c to $0.0029c “in an effort to accelerate the receipt of funds”.
Under the revised price, the company said it has received firm commitments to raise around $1m before costs through the issue of almost 350 million new shares.
It has also re-negotiated and agreed with creditors to convert $284,454 of amounts outstanding to equity, via the issuance of nearly 109 million shares at the new price.
Melodiol said the funds will be used for “select business unit growth opportunities” and “the potential restructure or sale of businesses representing less than 10% of overall group revenue in order to accelerate profitability”.