LTR Pharma (ASX:LTP) has announced that it has received firm commitments to raise $10.5 million before costs to advance the development of its innovative nasal spray treatment for erectile dysfunction.
Under the raise, the company will issue approximately 14.34 million fully paid ordinary shares at an issue price of $0.73 per share, a 13.2 per cent discount to the 30-day volume weighted average price.
SPONTAN is designed to be a fast-acting, on-demand treatment for ED. It introduces a novel intra-nasal delivery formulation designed to deliver a faster onset of action, lower dosage requirements, and reduced side effects compared to traditional oral PDE5 inhibitors.
LTR said the funding will enable it to advance the development of SPONTAN, through critical regulatory milestones in crucial markets. The company said it is pursuing expedited approval pathways in the US, Australia and other key markets globally. It is also actively exploring partnership and licensing opportunities with major pharmaceutical companies to accelerate SPONTAN's global commercialisation.
LTR Pharma chairman Lee Rodne said, "We're delighted by the enthusiastic support for the Placement from both existing and new institutional investors. LTR Pharma is pioneering ED treatment with our innovative nasal spray, SPONTAN. Building on the positive results from our recent pivotal pharmacokinetic study, we're continuing to expedite the commercialisation of SPONTAN in key markets.
“This capital injection will accelerate our regulatory engagements, strengthen our market entrance strategy through additional headcount, develop online product channels, and support partnering and licensing discussions. We'll initially leverage Australian early access schemes, whilst exploring potential partnerships with major pharmaceutical companies globally. We're excited about the Company's future and appreciate our shareholders' continued support."