James Bonnar: The results that you can see are from a recent...

James Bonnar: The results that you can see are from a recent study we performed in a mouse model, and this is a specialised model where these mice mimic human cholesterol metabolism and health outcomes.

And what's particularly interesting or important about that is that it provides a good predictor of what we can expect to see when we dose humans. And, from the graph, you'll see that the two doses we tested, there was a consistent reduction in a dose response, meaning that the more we gave, the more effect we saw. And that continued out to 28 days or four weeks.

So, in terms of the magnitude of effect at the top dose, we achieved a 57 per cent reduction, which was beyond what we expected. It was a really strong result. And to put that in context, in historical studies of the lead drugs on the market, Lipitor, that achieved in the same model a 20 to 50 per cent reduction, depending on the dose. The injectable monoclonal Praluent, a Sanofi Regeneron drug, it achieved between 36 and 47 per cent reduction in the same model. So, as you can see, the results for our drug are very impressive. What's also pleasing to see is that, over the 28 days of the study, the drug was well tolerated.

Rachael Jones: Excellent. And lastly, James, what can Nyrada shareholders look forward to over the next six to 12 months?

James Bonnar: Well, we have some further exploratory analysis that we're currently undertaking, and that really talks to the safety of the drug in this study, and we'll be announcing that data in the coming weeks. The other thing that we're working on is preparations for taking this molecule into the pre-clinical safety testing that is needed to be done before you can dose a drug first in human. What we're planning longer term for this program, we're looking to get this drug into the clinic, have it ready for the clinic by the end of the year. And we'll be doing a phase one healthy volunteer study here in Australia.

One of the things I'll point out about Nyrada is that we are a discovery and early stage development company. So we're looking to commercialise this program at the end of phase one, when we've confirmed safety and whether the drug works. What's interesting about that approach, that strategy is that we're dealing with much shorter timeframes than typically biotech companies would, and we're also dealing with programs that have lower capital requirements.