Nyrada Inc Annual Report 2020

Annual Report FY20 5 Chairman’s Letter Dear Shareholders, I am delighted to welcome you to Nyrada’s Annual Report for the financial year 2020, our first report as a listed company following our initial public offering on the Australian Securities Exchange (ASX) in January 2020. Nyrada is a drug discoverer and early stage developer. Our highly commercial business model is focused on maximising the value of our product candidates early on by following a thoughtful and effective capital allocation strategy. As such, we are focused on combining novel scientific insights targeted at areas of substantial unmet medical need. Here, judicious capital deployment can de-risk early stage assets and provide an opportunity for licensing to large pharma partners before significant capital outlays are required in later stage clinical trials. This limits our losses, allows us to recycle capital and reduces the likelihood of ruinous dilution that typically plague early stage biotech companies. We also seek to leverage our shareholders’ capital through non-dilutive sources of financing. Our focused approach is captured succinctly by David Packard, founder of Hewlett Packard, who once said, "More businesses die from indigestion, than starvation." Nyrada focuses on no more than two or three drug development projects at a time, leading with our cholesterol lowering (PCSK9 inhibitors) and brain injury programs. We also have an active drug discovery pipeline to bring more drugs through the value creation process. Nyrada’s cholesterol lowering program seeks to develop a novel, cost-competitive and convenient PCSK9 inhibitor that helps patients with high LDL cholesterol achieve their target cholesterol levels. Of the 62 million adults in the US with high cholesterol, roughly half take a statin. Yet 20 million are unable to reach healthy target levels with a statin alone. Our brain injury program is developing a neuroprotectant drug to limit the secondary brain injury, called excitotoxicity, that occurs in the days following a traumatic injury, concussion or stroke. Each year in the US alone, 2.8 million people suffer a traumatic brain injury and 800k suffer a stroke. There is considerable medical need for these patients as, aside from neurosurgery and physical rehabilitation, no satisfactory treatments exist. Nyrada is driven by a highly experienced management team, led by CEO James Bonnar who has more than 20 years of experience in the global life sciences industry. It is supported by a very high calibre Board and Scientific Advisory Board who bring extensive strategic knowledge and strong industry networks. I’d like to thank the whole team for their dedication and ongoing hard work to drive our programs forward. Thank you, also to our loyal shareholders for continuing to support us as we work towards entering the human trials and industry partnerships. Yours sincerely, John Moore Non-Executive Chairman