• Firebrick secures $0.2 million through share placement
• Funds to support Nasodine sales expansion in US and Southeast Asia
• Final development and manufacturing of new Nasodine-brand products

Firebrick Pharma Limited (ASX:FRE) has advised that it has secured commitments from qualifying investors for approximately $0.2 million through the issue of approximately 3.1 million new fully paid ordinary shares at an issue price of $0.063 (6.3 cents) per share. The placement represented a shortfall on the original placement target of $1.6 million, which was intended to support expanding Nasodine Nasal Spray (Nasodine) sales in the US market, expanding Nasodine distribution and marketing in Singapore and its launch in other Southeast Asian markets during FY2026, and funding the final development and manufacturing of up to three new Nasodine-brand products for launch into all available markets in FY2026. The company will be reviewing its planned expenditures on these projects in light of the placement results and will also look at alternative funding options. The placement was conducted through a novel but untested fundraising platform, and despite the lower-than-expected result, the feedback from prospective investors about Firebrick and the company's potential was very encouraging. The 3.1 million shares will be issued pursuant to the company's existing placement capacity under ASX Listing Rule 7.1A, and the shares represent approximately 1.4% of current shares on issue. Placement participants will also receive one free attaching option for every two shares issued, with an exercise price of $0.095 and an expiry date of 3 years from the date of issue.

The company will be reviewing its planned expenditures on expanding Nasodine sales in the US and Southeast Asia, as well as the final development and manufacturing of new Nasodine-brand products, in light of the lower-than-expected placement result, and will also look at alternative funding options to support these initiatives.