Firebrick secures strategic investment from Philippines partner

  04 Mar 2025

Firebrick Pharma (ASX:FRE) is pleased to announce that it has secured an investment of A$1.1 million from Pharma Nutria N.A., Inc. (PNAI), an entity that is part of the SV More Group of Companies, which includes the Company’s Philippines licensing partner, SV More Pharma Corporation.

Under the $1.1 million investment, PNAI is acquiring 11,578,947 ordinary shares in Firebrick (Shares) at $0.095 per share, which is a 13% premium to the 15-day volume weighted average price (VWAP) as at 27 February 2025 ($0.084), immediately prior to the Company’s trading halt announced on 28 February 2025.

The Shares are being issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1A. The Shares are subject to a voluntary escrow of 12 months. The 11,578,947 Shares will represent 5.2% of all Firebrick shares outstanding and therefore PNAI will become a substantial shareholder in Firebrick.

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 the Company’s 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 Pharma. “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, Director of PNAI and Vice-President of SV More Pharma Corporation, the Company’s commercial licensee in the Philippines, stated: “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.”