Neurizon Launches a $4.3M Placement to Stay Funded to Trial Results

Neurizon receives firm commitments for A$4.3m Placement and announces A$2.0m SPP

Neurizon Therapeutics (ASX: NUZ) has received firm commitments to raise A$4.3m (before costs) through the issue of 63.2 million New Shares at A$0.068 per New Share. The commitments come from new and existing institutional, sophisticated and professional investors.

The company will also undertake a Share Purchase Plan (SPP) targeting an additional A$2.0m at the same price. Eligible shareholders can apply for up to A$30,000 worth of New Shares each.

The Placement includes a A$150,000 commitment from the Board and management, with Director participation subject to shareholder approval. Directors have committed A$100,000 in aggregate, subject to approval at a general meeting expected in mid-December 2026.

The Placement Offer Price is a 20.9% discount to the last closing price of A$0.086 on 28 October 2026. It is also an 18.9% discount to the five-day volume weighted average price (VWAP) of approximately A$0.0838 per share, which excludes 28 October 2026 because no sales were recorded that day.

Neurizon states it remains fully funded through to topline readout. The funding displaces the potential drawdown of a further A$5 million from the convertible note facility with Obsidian.

Cornerstone support and Placement terms

The Placement included cornerstone investment from Mr Chek Loon Tan, the company’s current largest shareholder. His support in earlier capital raises takes his aggregate funding through placements, including this one, to A$3.6m.

Key terms of the Placement:

• A single tranche under the company’s existing placement capacity pursuant to ASX Listing Rule 7.1
• Not underwritten
• New Shares will rank equally with existing fully paid ordinary shares
• MST Financial Services Pty Ltd and Morgans Corporate Limited are joint lead managers and bookrunners

Participants in both the Placement and SPP will each be entitled to be made an offer, subject to shareholder approval, to apply to receive (for no consideration) one New Option for each New Share. Each New Option has an exercise price of A$0.12 and expires 18 months from issue.

The New Options are intended to be quoted on ASX, subject to satisfying the spread requirements in ASX Listing Rule 2.5, condition 6.

Chief Executive Officer Dr Chris Bremer commented on the raise:

Dr Chris Bremer, Chief Executive Officer

“The successful completion of this Placement represents an important step in strengthening and simplifying Neurizon’s financial position ahead of a defining period for the Company…”

Obsidian convertible notes redeemed, capital structure simplified

Separately from the Placement, Neurizon issued and settled an early redemption notice to Obsidian Global GP, LLC for the remaining 750,000 convertible notes. Total redemption consideration was US$915,750 (~A$1.31m), funded from existing cash reserves.

The redemption takes total notes redeemed to 1,750,000, almost half of the 3,575,500 convertible notes issued on 27 February 2026. No convertible notes remain on issue, which removes the potential dilution from their conversion.

The Obsidian convertible note facility was set up in the earlier A$44.2m funding package, which paired a placement and entitlement offer with milestone-aligned notes designed to limit upfront dilution.

The Placement replaces the drawdown previously contemplated under the Obsidian facility following the November 2026 Annual General Meeting (AGM). Neurizon has withdrawn resolution 4, “Approval to issue Convertible Notes to Obsidian Global GP, LLC (and/or its nominee(s))”, from the items to be voted on at the AGM.

No further drawdowns will be undertaken under the facility until at least April 2027. Any subsequent drawdown will require shareholder approval, and the Board will first consider all other funding options available to it.

The company will retain access to a range of potential funding alternatives, subject to applicable restrictions and approvals (including shareholder approval):

• The existing Obsidian convertible note facility
• The existing R&D facility
• Continued assessment of opportunities for non-dilutive funding and strategic partnerships

Why a Placement plus an SPP matters

A Placement is a sale of new shares to selected investors, usually institutions and sophisticated investors. An SPP lets existing shareholders buy new shares directly from the company, without going through a broker.

Here, eligible shareholders can buy at the same price as Placement investors, A$0.068, regardless of the size of their holding. Neurizon states they incur no brokerage or transaction costs.

Convertible notes can later turn into shares. With none remaining on issue, that source of potential dilution has been removed.

Where the funds go and the catalysts ahead

Funds from the Placement and SPP will be combined with existing cash (following the redemption of the Obsidian notes) and anticipated R&D tax incentive refunds. The company will apply them to:

1. Clinical and pre-clinical activities, including completion of Regimen I of the Phase 2/3 HEALEY ALS Platform Trial, with topline results anticipated in late Q2 CY2027
2. Manufacturing, supply-chain readiness and regulatory activities to support continued clinical development and preparation for potential commercialisation of NUZ-001
3. Market engagement and business development activities, including potential strategic partnering opportunities
4. Corporate costs (commercial, finance and governance), working capital and transaction expenses

The raise follows progress across the company’s clinical, commercial and regulatory programs. Enrolment in the HEALEY ALS Platform Trial was completed with 250 participants in July 2026, with topline results anticipated in late Q2 CY2027.

Recruitment has moved quickly across 78 activated US sites, and earlier dosing milestones showed the trial running ahead of expectations before enrolment closed at 250 participants.

Neurizon has also executed a long term supply agreement with Elanco Animal Health. Recent Type C feedback from the US Food and Drug Administration (FDA) supports the potential for the trial to serve as a single registrational study, subject to demonstrating substantial evidence of effectiveness.

The company is also preparing to launch the NIH-funded Expanded Access Program, which is expected to provide NUZ-001 to approximately 200 additional ALS patients in the US.

What happens next for Neurizon shareholders

The SPP record date of 7.00pm, Friday, 30 October 2026 has passed and sets eligibility: registered holders at that time with a registered address in Australia or New Zealand, who are not in the United States, may participate. New Shares issued in the Placement are not eligible to participate in the SPP.

The SPP is not underwritten. Neurizon may increase the SPP amount if demand exceeds A$2 million, and reserves the right to scale back applications at its absolute discretion.

An investor webinar will be held on 5 November 2026 at 1.00pm (Melbourne time), featuring Dr Bremer and Chief Financial Officer Dan O’Connell, with a live Q&A. A recording will be made available afterwards.

A prospectus for the New Options offer is expected to be lodged with the Australian Securities and Investments Commission (ASIC) on or around 16 November 2026. An SPP offer booklet is expected to be released in mid-November 2026.

The timetable below is indicative only, and Neurizon reserves the right to vary it or withdraw the Placement or SPP.

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