SYDNEY: Firebrick Pharma Limited (ASX:FRE) announced Tuesday that it has secured an investment of A$1.1 million from Pharma Nutria N.A., Inc. (PNAI), a member of the SV More Group of Companies. This investment includes Firebrick’s Philippines licensing partner, SV More Pharma Corporation.
As part of the deal, PNAI will acquire 11,578,947 ordinary shares in Firebrick at $0.095 per share, representing a 13% premium to the 15-day volume weighted average price of $0.084 as of February 27, 2025. This purchase accounts for 5.2% of Firebrick’s outstanding shares, making PNAI a significant shareholder.
The funds will be allocated to support marketing costs for Nasodine® Nasal Spray in Singapore, new product development, and working capital for Firebrick’s operations.
“With this investment, we’re excited about the potential to expand our market presence and innovate further,” said Dr. Peter Molloy, Executive Chairman of Firebrick Pharma.
Paul Santillana, Director of PNAI, expressed similar optimism, stating, “We believe this partnership will drive significant growth and innovation for Firebrick Pharma.”