Nyrada (ASX:NYR) said its Xolatryp drug candidate provided significant protection to cardiac function against progressive doxorubicin-induced cardiotoxicity in a preclinical study, according to a Friday filing with the Australian bourse.

Doxorubicin is an anthracycline drug widely used as a first-line treatment for both solid and metastatic tumors, and is considered a "backbone drug" in oncology, the company said.

Doxorubicin treatment weakened the heart's ability to pump and empty blood effectively, and Xolatryp delivered benefits across four key measures of heart performance that were negatively impacted by doxorubicin, Nyrada said.

The magnitude of functional protection was comparable to dexrazoxane, which is the only approved cardioprotective agent, per the filing.

Nyrada said it will assess the design and feasibility of a potential phase 1b clinical trial of Xolatryp in the oncology setting.

The company's share gained 5% in recent Friday trade.