Firebrick Pharma Raises Capital via Share Purchase Plan; Shares Up 7%

MT Newswires Live10-10

Firebrick Pharma (ASX:FRE) raised around AU$800,000 via a share purchase plan at AU$0.055 apiece, according to a Thursday filing with the Australian bourse.

The pharmaceutical firm raised AU$635,600 following the completion of its share purchase plan comprising the issue of roughly 11.6 million fully paid ordinary shares.

Further, the company received commitments or applications for an additional AU$158,700 worth of shares. Settlement is expected to occur by Oct. 15.

Proceeds will be used to fund Firebrick Pharma's marketing initiatives for Nasodine nasal spray in Singapore and the US, the filing stated.

Firebrick Pharma's shares were up more than 7% in recent trade.

Price (AUD): $0.06, Change: $+0.0040, Percent Change: +7.27%

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