Acrux Limited (ASX:ACR) Updates Investor Presentation Following Key Announcements
Investor Presentation Highlights
Acrux Limited (ASX:ACR) released an updated investor presentation, highlighting significant recent achievements. The company received FDA approval for its Nitroglycerin Ointment, 0.4%, enhancing its product portfolio aimed at the US market.
In addition, Acrux announced a successful bond issuance of $2.65 million through a Share Placement aimed at institutional investors. This is complemented by a Share Purchase Plan (SPP) available to eligible shareholders under the same financial terms, supporting Acrux’s growth strategy.
Financial Performance and Future Outlook
For the financial years 2023 and 2024, Acrux generated total revenues of A$20 million. The company plans to launch two additional products in the United States within the next four months, further expanding its market reach. Acrux is committed to leveraging its expertise in topical pharmaceuticals to maintain a strong revenue stream in the future.
Executive Insights
Michael Kotsanis, CEO & Managing Director of Acrux, stated, “The FDA approval is a pivotal moment for Acrux that paves the way for our growth in the US market. The upcoming launches and our fundraising initiatives will contribute significantly to our strategic objectives.”
Capital Raising Overview
The recent capital raise effort includes a $2.65 million placement and an SPP with a total potential of $4.65 million. The placement involves issuing 71.43 million new fully paid shares at an offer price reflecting a discount to existing market rates. Eligible shareholders can apply for additional shares up to A$30,000.
Shares issued will include one free attaching option for every new share, with options expected to be listed on the ASX, subject to shareholder approval.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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