Firebrick Pharma (ASX:FRE) secured a AU$1.1 million investment from Pharma Nutria, part of the SV More Group of Companies, which includes its Philippine licensing partner, SV More Pharma, according to a Tuesday filing with the Australian bourse.
Pharma Nutria is acquiring 11.6 million shares in the company at AU$0.095 apiece, subject to a voluntary escrow of 12 months, the filing said.
Proceeds will be used to cover marketing expenses for Nasodine nasal spray in Singapore, new product development for all markets, and other operational working capital, according to the filing.
Firebrick Pharma shares rose nearly 9% in morning trade Tuesday.
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