At one stage today, the clinical-stage pharmaceutical developer's shares were up 28% to 32 cents.

The Firebrick share price has since given back the majority of these gains but remains up 8% to 27 cents.

What's going on with the Firebrick share price today?

Investors have been bidding the Firebrick share price higher today despite there being no news out of the company.

However, it worth noting that prior to today the company's shares were trading 67% lower than their 52-week high.

So, with many beaten down ASX shares rebounding strongly today as investor sentiment improves, it isn't overly surprising to see Firebrick having a positive session.

Investors buying today appear optimistic that the company's Nasodine nasal spray still has a bright future despite being dealt a blow by the Therapeutic Goods Administration (TGA) earlier this month.

What happened to Nasodine?

Nasodine, a nasal spray intending to treat the common cold, was previously denied approval by the TGA.

The TGA then reaffirmed its stance earlier this month when the company received written advice from the regulator indicating that the section 60 request had resulted in confirmation of the original decision.

However, the company isn't accepting this and is now seeking to overturn this decision by applying for an independent review through the Administrative Appeals Tribunal (AAT).

Firebrick's executive chairman, Dr Peter Molloy, commented:

The s60 decision was always a possibility and we will now proceed to the next step in the appeal process. We strongly believe that the existing clinical data satisfactorily establishes the efficacy of Nasodine in the treatment of the common cold and that the AAT review should lead to an earlier approval of Nasodine.

We believe that because overall cold severity was not designated as the "primary" endpoint, the TGA has discounted the results.

No timeframe has been given for when a decision on the appeal will be made.

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• The Firebrick Pharma share price is up an additional 22% today
• Shares in the company reached a new all-time high of 75 cents a piece
• Investors take a chance on the pre-revenue nasal spray developer

The Firebrick Pharma Limited (ASX: FRE) share price is figuratively on fire once again on Monday. Continuing its green streak following its successful initial public offering (IPO) and listing on Friday, Firebrick is soaring again on its second day of trading.

At the time of writing, shares in the nasal spray developer are up 22.6% to 65 cents per share. However, earlier in trade the company had reached a new all-time high of 75 cents per share.

The further surge in the newly listed pharmaceutical company's valuation now prices it 3.25 times higher than its original offer price.

What's going on with the Firebrick share price today?

The excitement surrounding Firebrick's debut on the ASX has extended into Monday following the weekend. However, there is no new information today that we didn't already know on Friday. Instead, it appears the market is still grappling with what fair value is for the company's shares.

We covered Firebrick's IPO previously, but for a quick refresher — the company has developed its patented Nasodine nasal spray product. This medicine is targeted to treat viruses that cause the common cold via the nose. Currently, the company's product is in clinical trials, with plans to have it approved by regulators in the future.

Additionally, Firebrick's interest in testing the nasal spray against COVID-19 likely has garnered added attention from investors. This will be conducted in a phase 2 clinical trial this year. Fortunately, the company now has $7 million in its piggy bank to fund these trials following its IPO.

Nonetheless, the volatility in the Firebrick share price is likely partly attributable to the pre-revenue nature of the business.

According to the prospectus, the company's income for the year ended 30 June 2021 totalled ~$423,000. This was predominantly from a research and development tax rebate. Meanwhile, expenses rounded out at around $2.86 million for the period. As a result, Firebrick burnt $2.44 million in FY21.

Based on the current Firebrick share price, the pharmaceutical company is valued at $69 million.

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• Firebrick Pharma has debuted on the ASX – launching 125% on open to trade at 45 cents
• The company is developing Nasodine Nasal Spray ­– designed to treat viruses such as the common cold
• During its IPO, the company offered shares for 20 cents apiece

Virus-killing nasal spray developer, Firebrick Pharma Limited (ASX: FRE) saw its share price open 125% higher than its initial public offering's (IPO's) offer price upon its ASX float today.

The company's stock hit the market at 12:30 pm AEDT on Friday and quickly surged to a high of 53.5 cents.

At the time of writing, the Firebrick Pharma share price is 53 cents, 165% higher than its offer price.

For context, Firebrick Pharma's prospectus offered its shares for just 20 cents apiece.

Let's take a look at what the company does and all the details of its ASX IPO.

But first, what is Firebrick Pharma?

Firebrick Pharma is a pharmaceutical development firm focused on its patented Nasodine – a nasal spray designed to help treat viruses such as the common cold.

The product has been under development for nearly 10 years. It uses povidone-iodine (0.5%) as the active ingredient – the same active ingredient found in Betadine.

A quick fun fact: The name Firebrick is the hexadecimal colour of povidone-iodine.

Nasodine has undergone 3 human trials and Firebrick expects one more phase 3 clinical trial will be enough to see it approved as a treatment for the common cold in adults. That (potential) final trial will go ahead this year.

If all goes to plan, the product will then be sent to regulators for approval in Australia, the United Kingdom, and Europe.

The nasal spray is also expected to be put to the test against COVID-19 in a phase 2 clinical trial in 2022. The company hopes that the trial will show the product can reduce shedding of the COVID-19 virus.

Its co-founders and leaders, Dr Stephen Goodall and Dr Peter Molloy have previously been involved in the leadership of multiple ASX-listed biopharmaceutical companies.

Goodall is Firebrick's chief operating officer while Molloy is its chair.

Molloy also used to be responsible for the Betadine range in Australia, helped launch Betadine Sore Throat Gargle, and previously was CEO of Race Oncology Ltd (ASX: RAC).

What you need to know about Firebrick Pharma's ASX IPO

The ASX has warmly welcomed Firebrick Pharma following its IPO.

Under its prospectus, it sold 35 million shares for 20 cents apiece, raising $7 million. That saw its IPO offer fully subscribed. The funds will go towards ongoing clinical trials, marketing, and operating costs.

At its offer price, the company expected to list with a market capitalisation of around $33.8 million.

However, at its opening price, it had a valuation of approximately $76 million.

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• 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.

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