Emyria has announced a A$5 million share placement, issuing private investment group Tattarang with 20 million shares at 25 cents each.
Following completion, Australian businessman Andrew Forrest’s Tattarang will hold an interest of around 7.3% in Emyria.
It will also be issued with 10 million options in the company with an exercise price of 40 cents each, for no additional consideration, expiring two years from the date of issue.
The funds will be used to accelerate synthetic cannabinoid registration programs with the Therapeutic Goods Administration and the US Food and Drug Administration and advance Emyria’s novel MDMA-analogue development program with the University of Western Australia.
Tattarang chief investment officer John Hartman said: “We believe evidence-based, and properly registered, medicinal cannabis and novel psychedelic treatments have massive growth potential across global healthcare jurisdictions.
“Emyria’s data-driven approach positions it strongly to lead the accelerated development and registration of new treatment options that can potentially benefit millions of patients.”
Emyria managing director Dr Michael Winlo added: “Tattarang shares our long-term vision to accelerate the development and registration of medicines that can transform the lives of millions of people around the world living with conditions for which current therapies are either ineffective, cause unwanted side effects or are yet to be created.”
The placement shares and options issue are expected to occur on Wednesday (November 24).
UPDATE (November 25): In addition to the $5m cash injection from Tattarang, Emyria has received an R&D tax incentive refund of $1.16 million for FY21 from the Federal Government.