Capital Raise to Support Key Clinical Trial and Research

Highlights:

• TrivarX Limited (ASX: TRI) secures $2.25 million in firm commitments from institutional and sophisticated investors to fund a clinical trial with the US Department of Veterans Affairs (VA) and ongoing R&D initiatives.
• Clinical trial to evaluate TrivarX’s single-channel ECG algorithm for screening major depressive episodes (cMDE) in collaboration with the Greater Los Angeles Veterans Research and Education Foundation (GLAVREF) and the VA.
• Placement was conducted in two tranches, with the first tranche utilizing existing placement capacity and the second tranche subject to shareholder approval, offering one free attaching option for every two shares subscribed.

At the time of writing, TrivarX Limited (ASX: TRI) has successfully secured firm commitments from institutional and sophisticated investors to raise $2.25 million. The capital will be raised through the issuance of 150 million new fully paid ordinary shares at $0.015 per share, with funds earmarked for the company’s upcoming clinical trial in partnership with the US Department of Veterans Affairs (VA) and other research and development (R&D) initiatives.

Strong Investor Support for Placement

The Placement has garnered significant interest from both new and existing investors, highlighting confidence in TrivarX’s cutting-edge mental health screening technology. The Placement will be executed in two tranches:

• Tranche 1: Approximately 102.8 million shares will be issued under the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A.
• Tranche 2: Subject to shareholder approval in May, an additional 47.18 million shares will be issued.

The issue price represents a 9.52% discount to the 15-day volume-weighted average price (VWAP) of $0.0165 but aligns with the company’s last traded price of $0.015 on March 11, 2025. Investors will also receive one free-attaching option for every two shares subscribed, with an exercise price of $0.025 and an expiry of 2.5 years from the date of issue.

Use of Funds: Advancing Clinical Research and Commercialisation

The raised funds will primarily support TrivarX’s clinical trial with the VA and the Greater Los Angeles Veterans Research and Education Foundation (GLAVREF). The study will evaluate the company’s single-channel ECG mental health screening algorithm to assess its ability to detect current Major Depressive Episodes (cMDE) through heart rate variability analysis.

Additionally, capital will be allocated to ongoing R&D efforts related to TrivarX’s lead asset, MEB-001, regulatory compliance, commercialisation strategies, and general working capital needs.

Management Commentary

TrivarX’s Non-Executive Chairman, David Trimboli, expressed gratitude for the strong investor support, emphasizing the significance of the upcoming trial:

“This funding arrives at a pivotal moment for TrivarX as we advance our technology into a clinical setting with the US Department of Veterans Affairs. The study could validate our mental health screening algorithm, addressing a major challenge in detecting depression among veterans. We are excited to move forward with site selection and patient recruitment in the coming weeks.”

With this financial backing, TrivarX is poised to make meaningful strides in mental health diagnostics, potentially opening doors for broader commercialisation of its innovative technology.

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