Nyrada Inc (ASX: NYR) shares have caught the eye this week.
The ASX pharmaceuticals stock is up more than 400% over the last couple of days.
This means that a $10,000 investment would have turned into over $50,000.
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Why is this ASX pharmaceuticals stock rocketing?
Firstly, it is important to note that Nyrada is a micro-cap with a market capitalisation of approximately $15 million. It also has a share price of just 9.9 cents.
This means that it doesn't take much to move the needle in percentage terms.
Nevertheless, some positive news has got investors excited this week.
The ASX pharmaceuticals stock announced positive results from its preclinical study evaluating the efficacy of its Brain Injury Program drug candidate NYR-BI03 in preventing secondary brain injury.
According to the release, the study showed a significant neuroprotective signal providing strong evidence of efficacy.
'Significant milestone'
Nyrada's CEO, James Bonnar, believes the results are significant milestone. He commented:
These study results mark a significant milestone in our Brain Injury program, providing strong evidence that our drug candidate NYR-BI03 has the potential to protect the brain from secondary injury. The magnitude of rescue achieved in this study is a compelling outcome and signals a significant therapeutic and market opportunity.
This work is critical for our development pathway for NYR-BI03, giving us confidence as we advance it through to GLP safety and toxicology studies ahead of a first-in-human clinical trial currently planned to commence in the second half of this calendar year.
Subject to the successful completion of GLP studies, the company plans to commence a Phase I human clinical trial for NYR-BI03. The target commencement is the second half of the 2024 calendar year.
