Firebrick Pharma (ASX:FRE) has announced the close of its Share Purchase Plan (SPP) that was announced to the market on 12 September 2024.
The company said it was pleased with the support of existing shareholders, with approximately 100 participating for a total commitment of $635,600 under the SPP. It said it could conduct a placement for any shortfall on the same terms as the SPP (Shortfall Placement). Having proceeded with the shortfall placement, the company said it has received commitments or applications from existing shareholders for an additional $158,700 at $0.055 (5.5 cents).
Firebrick executive chairman, Dr Peter Molloy. “I am pleased to say that we now have the necessary level of funding to confidently drive our planned marketing initiatives into 2025.”
The company said the proceeds raised will fund the expansion of marketing initiatives for Nasodine Nasal Spray in Singapore and the US beyond online sales.