Partner Micheal Ryan and Senior Associate Rebecca Dooley were pleased to advise US biotech firm Nyrada Inc. on their ASX listing which was completed last week.
Nyrada began as a spin-off company of a listed Australian biotechnology company, Noxopharm Limited.
Faced with the prospect of bringing its anti-cancer drug through the clinic to market, Noxopharm in 2017 decided to focus on oncology applications of its proprietary technology platforms, leading it to establish Nyrada as a vehicle to concentrate on non-oncology applications of those same platforms. The current targets include a cholesterol lowering drug and a neuroprotectant. Both would meet a considerable unmet need in large markets.
Nyrada is a US Company and last week listed on the ASX enabling Australian investors to invest in this company with exciting potential.
“The experience and skill of the Noxopharm board recognised that the technology which was being developed for oncological purposes had enormous potential for non-oncology purposes in areas where there is a real need. It was exciting to be involved in bringing Nyrada to the Australian investing market. It will be particularly satisfying that success for Nyrada would produce medical advances which will save many lives. We congratulate them on their vision and for the sake of their investors and the advancement of medical care, wish Nyrada great success.”Michael Ryan, Partner, Addisons
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