FRE secures Strategic Investment from Philippines Partner

Key points

• Firebrick receives $1.1 million strategic investment from Philippines partner
• Shares issued at 9.5 cents, a 13% premium to 15-day VWAP
• Investment represents 5.2% of outstanding FRE shares, subject to 12-month voluntary escrow

Full summary

Firebrick Pharma Ltd (ASX:FRE) has announced that it has secured a $1.1 million strategic investment from Pharma Nutria N.A., Inc. (PNAI), an entity associated with Firebrick's licensing partner in the Philippines, the SV More Group of Companies. Under the investment, PNAI will acquire 11,578,947 ordinary shares in Firebrick at $0.095 per share, which represents a 13% premium to the 15-day volume weighted average price (VWAP) as at 27 February 2025. The new shares will represent 5.2% of Firebrick's outstanding shares and PNAI will become a substantial shareholder in the company. The funds will be used to support the marketing of Firebrick's Nasodine® Nasal Spray in Singapore, new product development for existing markets, and other working capital. Firebrick's Executive Chairman, Dr Peter Molloy, said the investment is a welcome addition to the company's funding capacity and reflects the strength of its partnership in the Philippines. PNAI's Director, Paul Santillana, stated that the investment reflects the company's strong belief in Firebrick's long-term growth and its commitment to supporting the commercialization of Firebrick's products.