• Aussie pharma innovator to list with a market cap of $33.8m and about $11m in cash reserves.
• Trademarked breakthrough Nasodine Nasal Spray kills respiratory viruses in the nose.
• If approved for sale, it will be the first commercial nasal spray medicine that targets the viral cause of colds.

Australian pharmaceutical innovator Firebrick Pharma will list on the Australian Securities Exchange (ASX) tomorrow (January  28) as the company seeks to bring its breakthrough Nasodine Nasal Spray to market.

Melbourne-based Firebrick has already successfully raised $7 million in its ASX initial public offering (IPO) and is listing under code “FRE”.

Firebrick Pharma will debut with a market capitalisation of $33.8 million and will have about $11 million in cash reserves, with the funds raised in the IPO to be used to support ongoing clinical trials, as well as operating costs.

One of Western Australia’s largest stockbroking firms, Euroz Hartleys, was the sole lead manager for the listing.

The company’s flagship product, Nasodine Nasal Spray, kills respiratory viruses in the nose and has been developed initially as a treatment for the common cold. 

It has already completed one Phase 3 clinical trial as a treatment for the common cold and Firebrick Pharma plans to start a confirmatory Phase 3 trial in 2022 aimed at gaining regulatory approval.

If approved for sale, it will be the first approved nasal spray medicine that targets the viral cause of colds.

The company’s co-founders Dr Peter Molloy and Dr Stephen Goodall have spent nearly a decade developing Nasodine, which if approved, will be a first-in-class nasal spray medicine that targets the viral cause of the common cold.

Early in his career, Dr Peter Molloy launched Betadine Sore Throat Gargle in Australia. Subsequently, he teamed up with Dr Stephen Goodall to start Firebrick Pharma in 2012 with the aim of creating a nasal spray based on the same active ingredient (povidone-iodine) and developing it as a treatment for the common cold.

In addition to the common cold, Firebrick is also investigating the potential for Nasodine to be used in the management of more serious viral illnesses.