BUZZ-Australia's Firebrick Pharma hits over 10-month high on securing investment

Reuters

03-04

BUZZ-Australia's Firebrick Pharma hits over 10-month high on securing investment

** Shares of Australia's Firebrick Pharma FRE.AX rise as much as 11.1% to A$0.100, their highest level since April 17, 2024

** Stock on track to record its second straight day of gains, if trend holds

** Pharmaceutical co gets A$1.1 mln ($684,090.00) strategic investment from Pharma Nutria N.A. (PNAI), an entity associated with Firebrick's licensing partner in the Philippines

** Adds PNAI is acquiring 11.6 million shares in Firebrick at an issue price of A$0.095 per share, which represents a 5.6% premium to FRE's last closing

** New funds will be used to support marketing costs of Nasodine Nasal Spray in Singapore - FRE

** Stock has risen 59.7% this year so far

($1 = 1.6080 Australian dollars)

(Reporting by Roshan Thomas in Bengaluru)

((Roshan.Thomas@thomsonreuters.com))

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