Nyrada (ASX:NYR) has initiated its PROTECT-MI phase 2a clinical trial with the dosing of the first patient evaluating its transient receptor potential canonical ion channel inhibitor Xolatryp, according to a Monday filing with the Australian bourse.

The trial is a randomized, double-blind, placebo-controlled study that will follow patients for 30 days to assess safety, tolerability, and efficacy outcomes while keeping treatment allocation concealed, per the filing.

The company said that trial site activation is progressing, with Sir Charles Gairdner Hospital in Perth expected to begin recruitment soon, additional Australian sites moving through regulatory approval, and expansion into New Zealand underway, the filing said.

The company expects the last patient to be dosed in mid-2027, with top-line results anticipated about three months after that patient completes a 30-day follow-up visit, the filing added.

The company's shares fell 2% in recent Monday trade.