ASX-listed Emyria has unveiled several board restructuring measures as part of an effort to reduce its operating costs.
Dr Alistair Vickery has stepped down from the board, shifting his focus to expanding the company's clinical services and progressing its MDMA-assisted therapy programs.
In addition, Dr Stewart Washer will transition from executive to non-executive chairman, with his annual fee dropping to A$80k from $200k, while Dr Karen Smith takes on a non-executive director role at a salary aligned with that of her fellow board members.
With these changes in place, every board director now holds a non-executive position, with managing director Dr Michael Winlo being the sole exception.
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 restructuring took effect immediately.
Wellnex Life
ASX-listed Wellnex Life has launched a A$13.6 million capital raise to partially finance its acquisition of topical pain relief brand Pain Away Australia for $22m.
All directors of the company, along with its largest shareholder Homart Pharmaceuticals, have confirmed their participation in the entitlement offer, with the company aiming to resume ASX trading on December 11.
Neurotech International
Neurotech has received a A$3.17 million research and development (R&D) tax incentive refund from the federal government, covering activities carried out in FY23.
According to the company, the refund brings its September 30, 2023 pro-forma cash balance to $6.1m — enough to sustain operations through FY24 and see all active clinical trials across three paediatric neurological disorders through to completion.
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 lowered the share issue price in its latest capital raise from A$0.005c to $0.0029c, citing a desire to speed up the receipt of funds.
At the revised price, the company said it has secured firm commitments to raise approximately $1m before costs through the issuance of close to 350 million new shares.
Melodiol has also renegotiated terms with creditors, agreeing to convert $284,454 of outstanding amounts into equity through the issue of nearly 109 million shares at the updated price.
The company said the proceeds will go toward "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".
