Newron Pharmaceuticals has entered into an agreement with a group of existing and new shareholders from Europe and Asia to raise up to Euro 38 million through the subscription of newly issued shares, as it advances the Phase III ENIGMA-TRS clinical programme.

Under the agreement, the investor group will initially subscribe to up to 779,624 new shares at a price of Euro 19.24 per share, generating gross proceeds of up to Euro 15 million. As the ENIGMA-TRS 1 and 2 pivotal studies progress toward their 12-week results—expected in the fourth quarter of 2026 and no later than November 30, 2026, the investors have committed to a further Euro 11 million investment at a subscription price to be determined under an agreed formula.

A final tranche of Euro 12 million is planned following the disclosure of positive results from the ENIGMA-TRS studies, also at a formula-based subscription price. The capital increase is being executed under the authorisation granted by Newron shareholders in 2018 and subsequently approved by the company’s board in 2025.

Roberto Galli, Chief Financial Officer of Newron, said the investment validates the company’s development strategy for evenamide as a potential first add-on therapy in schizophrenia, particularly for patients who respond poorly to existing treatments. He added that the financing is expected to extend Newron’s operational runway well beyond the upcoming 12-week pivotal study results and support continued execution of the Phase III programme.

The initial batch of newly issued shares is expected to be listed and traded on the SIX Swiss Exchange under the same ISIN as existing shares in the coming days, subject to settlement.