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

Firebrick Pharma

03/03/2025 23:56

** 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))