Firebrick Pharma (ASX:FRE) opened a share purchase plan on Tuesday to raise up to AU$2 million, according to a same-day filing with the Australian bourse.

As previously disclosed, shareholders on record as of Sept. 11 will be able to buy up to AU$30,000 worth of ordinary shares at AU$0.055 apiece.

Proceeds from the capital raise will be used for general working capital and to expand marketing activities for the Nasodine nasal spray in the US and Singapore, the pharmaceutical firm said in the filing.

The share purchase plan is set to close on Oct. 7, with the issue and quotation of shares on the Australian bourse scheduled for Oct. 10.

Shares of Firebrick Pharma fell nearly 4% in recent Tuesday trade.

Price (AUD): $0.05, Change: $-0.0020, Percent Change: -3.57%