Firebrick Pharma (ASX:FRE) has secured an investment of $1.1 million from its Philippines-based partner.
Pharma Nutria is part of the SV More Group of companies. This includes Firebrick's Philippines licensing partner, SV More Pharma.
Under the $1.1 million investment, Pharma Nutria is acquiring 11,578,947 ordinary shares in Firebrick at $0.095 per share, which is a 13 per cent premium to the 15-day volume weighted average price as at 27 February 2025.
Firebrick said the shares are being issued according to its existing placement capacity. The shares are subject to a voluntary escrow of 12 months. The 11,578,947 shares will represent 5.2 per cent of all Firebrick shares, making Pharma Nutria a substantial shareholder.
Firebrick said the new funds will be used to support marketing costs of Nasodine Nasal Spray (Nasodine) in Singapore, new product development for all existing markets, and other working capital for its operations.
“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. “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.”
Paul Santillana, Pharma Nutria director and vice-president of SV More Pharma, added, “We are excited to deepen our partnership with Firebrick Pharma by becoming a strategic equity partner. Having worked closely with Firebrick as the exclusive partner for Nasodine in the Philippines, we have great confidence in the company’s leadership, its vision, and the potential of its innovative products.
"This investment reflects our strong belief in Firebrick’s long-term growth and our commitment to supporting its commercialisation efforts in key markets. We look forward to working together to bring groundbreaking healthcare solutions to more patients worldwide.”