InhaleRx has received commitments to raise $750,000 through a placement and announced plans for a $250,000 rights issue, as the firm revealed it is set to rebrand.
The placement – completed at 2.5 cents per share – issued around 30 million new shares, with one option attached for every two subscribed.
The firm said it would now undertake a non-renounceable rights issue on the same terms to raise up to an additional $250,000 from eligible shareholders.
The funds will be allocated to non-clinical working capital.
The capital raise came as InhaleRx said it will seek approval from shareholders to rename the company as Nexalis Therapeutics Limited to reflect its broader remit and expanding product pipeline, including the development of a ketamine-based, oral fixed-dose product.
While the company has previously focused its work on inhaled cannabinoid products such as IRX-616a and IRX-211, the addition of an oral asset marks a move beyond its inhalation-only focus.
The company said the new ASX ticker NX1 has been reserved ahead of shareholder approval.
InhaleRx said the ketamine-based product, SRX-25, is aimed at treatment-resistant depression and designed to offer a more accessible alternative to supervised intranasal ketamine products.
Chief executive Darryl Davies said treatment-resistant depression remains a “pressing challenge”, noting around 30% of patients fail to respond to first-line therapies.
He said SRX-25 has the potential to deliver a “step-change” in how treatment-resistant depression could be treated at scale.