Key points
- Firebrick Pharma will debut on the ASX at 12:30 pm AEDT today
- The company is developing a nasal spray to help treat the common cold. It's product will also undergo a COVID-19 trial
- Shares in the company were offered for 20 cents a apiece during its IPO
Shares in Firebrick Pharma Limited (ASX: FRE) – a company developing a virus-killing nasal spray – will float on the ASX this afternoon.
The stock will hit the decks at 12:30 pm AEDT after the company raised $7 million through its initial public offering (IPO). Under its prospectus, Firebrick shares were offered for 20 cents apiece.
Here's what you need to know ahead of the pharmaceutical development firm's ASX debut.
All the details on Firebrick Pharma's ASX IPO and float
Shares in Firebrick Pharma will list on the ASX this afternoon after its fully subscribed IPO.
The float follows nearly 10 years of development of its patented nasal spray, Nasodine, with povidone-iodine as its active ingredient, which is designed to kill the common cold where it starts – in the nose.
Nasodine has undergone 3 human clinical trials, confirming it is safe and well-tolerated in adults.
Additionally, a phase 3 clinical trial found the product can significantly reduce the severity of the common cold in people with strong symptoms, confirmed viral infections, or who started treatment within 24 hours of symptoms appearing,
According to Firebrick co-founder and chair Dr Peter Molloy, with one more phase 3 clinical trial, Nasodine could be approved as a treatment for the common cold in adults. That clinical trial is set to go ahead in 2022.
If successful, the company will then seek approvals from regulators in its target markets of Australia, the United States, and Europe.
If all goes to plan, Nasodine could launch in Australia in 2023.
On top of its potential to treat the common cold, the company is planning a phase 2 trial to find if its product can help treat COVID-19.
The trial aims to show the product can reduce shedding of the COVID-19 virus. It will go ahead this year in South Africa.
The funds raised in Firebrick's ASX IPO will go towards ongoing clinical trials, marketing, and operating costs.
Molloy has previously been a marketer and CEO of 4 biotechnology firms, including Race Oncology Ltd (ASX: RAC). Over his career, he has helped launch Betadine Sore Throat Gargle.
Firebrick co-founder, executive director, and chief operating officer (COO), Dr Stephen Goodall, used to be COO of formerly-ASX-listed Viralytics Limited.
At its offer price, the company is expected to list with a market capitalisation of around $33.8 million.
