Audio Note | TheraCryf - £1.1m raise progressing Ox-1 to clinical trial

TheraCryf has announced an equity raise of £1.05m, gross by way of a placing and subscription focusing on completing the clinic-enabling programme for the company’s Ox-1 lead clinical asset with the aim of securing a partnering/out-licensing deal to support the future costs of the programme. This is coupled with the potential to undertake the next stage Phase 1 clinical trial in Australia which offers an accelerated and potentially more cost-effective route to generating Phase 1 clinical trial data that would be generally acceptable to potential partners and to regulators in the US and Europe. The raise is priced at a tight 5% discount to the close against the backdrop of significant partnering and strong industry interest in Ox-1 specifically and neuropsychiatric drugs more generally. Progression to clinical trial readiness of Ox-1 is running ahead of plan, bolstered by a process patent filing that could extend commercial protection through 2046.