Acrux Limited (ASX:ACR) Announces Share Purchase Plan and Product Launch
Product Launch Update
Acrux Limited (ASX:ACR) has announced significant updates regarding its product development and capital raising efforts. The company has received FDA approval for Nitroglycerin 0.4% ointment, with commercial launch activities initiated by its licensee, TruPharma. This milestone marks a key development in Acrux’s portfolio, which aims to enhance its presence in the competitive US market for topical pharmaceuticals.
Share Purchase Plan Details
In conjunction with this product launch, Acrux is offering a Share Purchase Plan (SPP) targeted at raising up to $2 million before costs. Eligible shareholders as of December 4, 2024, can participate in the SPP, which is scheduled to close on December 18, 2024, at 5:00 pm AEDT. The funds raised will support Acrux’s ongoing development of its specialty pharmaceutical products.
Chief Executive Officer Michael Kotsanis stated, “We are excited about the launch of Nitroglycerin 0.4% ointment, which demonstrates our commitment to bringing innovative products to market. The SPP will help us further develop our portfolio and strengthen our business position.”
Performance Highlights
Acrux generated total revenue of A$20 million over FY23 and FY24, driven by the successful commercialization of its topical products. The company has a robust pipeline, with a planned launch of another product in the next three months. With its experienced team and existing commercial partnerships, Acrux is positioned to explore additional growth opportunities in the topical pharmaceutical market.
Motley Fool contributor Kiarra Jackson 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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