Firebrick Pharma (ASX:FRE) Secures $1.1M Strategic Investment from Philippines Partner
Investment Details
Firebrick Pharma Limited (ASX:FRE) has secured an investment of A$1.1 million from Pharma Nutria N.A., Inc. (PNAI), an entity within the SV More Group of Companies, which includes Firebrick’s Philippines licensing partner, SV More Pharma Corporation. Under the investment, PNAI is acquiring 11,578,947 ordinary shares at $0.095 per share, representing a 13% premium to the 15-day volume weighted average price (VWAP) as of 27 February 2025. The shares constitute 5.2% of all Firebrick shares outstanding and are subject to a voluntary 12-month escrow period.
Use of Funds
The new funds will support marketing costs of Nasodine® Nasal Spray in Singapore, new product development for existing markets, and other working capital for the company’s operations.
Executive Comments
“This investment is a welcome top up of our funding capacity to support our plans in 2025,” said Dr Peter Molloy, Executive Chairman of Firebrick Pharma Limited. “Importantly, the investment is a measure of the importance and strength of our partnership in the Philippines and a strong endorsement by a commercial partner of Nasodine’s market potential.”
Motley Fool contributor Lianne Eastty 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.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.