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Firebrick Pharma Limited ( (AU:FRE) ) has shared an announcement.
Firebrick Pharma Limited has raised approximately $1.5 million through a share placement of about 31.9 million new shares at $0.047 each, representing roughly 12.6% of existing shares on issue and offered at a discount to recent trading prices. The placement, strongly supported by new and existing sophisticated investors, includes one free attaching option for every two shares, with the options intended to be quoted on the ASX and expiring in July 2028.
The company plans to deploy the funds to expand its Business Development & Licensing activities, support new product development for two additional products, and provide working capital for up to 12 months, underpinning its broader strategy to grow the Nasodine product range and geographic footprint. This capital injection strengthens Firebrick’s balance sheet and supports its efforts to scale commercialization and secure partnerships in key markets, which may enhance its competitive position in the niche povidone-iodine therapeutics segment.
The most recent analyst rating on (AU:FRE) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Firebrick Pharma Limited stock, see the AU:FRE Stock Forecast page.
More about Firebrick Pharma Limited
Firebrick Pharma Limited is an Australian pharmaceutical company focused on developing and commercialising novel formulations and uses of povidone-iodine, primarily through its Nasodine-branded nasal and throat sprays. Its first product, Nasodine Nasal Spray, is already available in the United States, Singapore, and Fiji & the South Pacific, with additional approvals being pursued, while Nasodine Throat Spray has launched in Singapore and Fiji as part of a planned expansion of the Nasodine range into up to 10 markets over three years.
Average Trading Volume: 65,469
Technical Sentiment Signal: Sell
Current Market Cap: A$13.63M
See more insights into FRE stock on TipRanks’ Stock Analysis page.