Firebrick Consultant to drive Pharmacy Distribution in Singapore

  09 Sep 2024

  • Firebrick has hired former J&J Consumer Health APAC senior executive to drive pharmacy distribution of Nasodine in Singapore
  • Share options subject to performance milestone: distribution of Nasodine in chain and/or independent pharmacies in Singapore on or before 30 June 2025

Firebrick Pharma (ASX:FRE) is pleased to announce that it has executed a consulting agreement (Agreement) with Keith Shortall, a former senior executive of Johnson & Johnson Consumer Health Asia-Pacific (J&J Consumer Health APAC).

The primary goal of the Agreement is to establish pharmacy distribution for Nasodine in Singapore.

Secondary objectives include evaluating potential distribution to other markets in Southeast Asia and partnership opportunities in the region. Keith Shortall was recently (2022-2023) Head of Customer Experience for J&J Consumer Health APAC, based in Singapore, and previously (2018-2022) Managing Director North Asia for J&J Consumer Health APAC.

He has extensive Asia Pacific (APAC) experience, operating in more than 20 markets across APAC in his 15 years of working and living in APAC countries.

“Keith’s expertise in the distribution, marketing and partnering of consumer health products in the region is an outstanding asset for Firebrick,” said Firebrick Executive Chairman, Dr Peter Molloy. “We are excited about what he can achieve for us in Singapore and across the region.”

Keith Shortall stated: “I am delighted to be working with Firebrick and the leadership team to achieve our marketing goals for Nasodine in Singapore and ultimately across APAC. Nasodine has a unique opportunity to fulfill unmet needs for consumers and healthcare professionals, and I am passionate about its potential in the region.”

Under the Agreement, Mr Shortall will receive consulting fees for an initial commitment of up to 50 days of work through 31 December 2024. The Agreement may be extended thereafter based on mutual agreement. The Agreement includes the grant of 1.5 million share options in the Company (Options).

The Options have an exercise price of $0.09 (nine cents), being circa 1.5 times the 5-day VWAP up to 5 September 2024. The Options if vested but not exercised, will lapse 3 years from the date of issue. Using Black-Scholes methodology, the options have been valued at $57,030.

The Options will vest upon achievement of the following performance milestone:

  • Distribution of Nasodine Nasal Spray in chain and/or independent pharmacy in Singapore on or before 30 June 2025.