Nasodine Sales Up 23% in Singapore; Private Placement Raises Only $173K
Firebrick Pharma has published positive Phase 3 clinical trial results for its Nasodine nasal spray, showing efficacy against the common cold, while reporting encouraging sales growth in Singapore and the US. However, a recent capital raise fell well short of targets, casting uncertainty over its expansion plans.
- Phase 3 clinical trial results for Nasodine published in a leading medical journal
- Nasodine sales in Singapore grew 23% despite off-peak season
- US sales showing consecutive quarterly growth, with plans to scale up
- Private placement raised only $173,000 against a $1.6 million target
- Cash reserves just under $1 million with ongoing elevated operating expenses
Clinical Validation Boosts Nasodine’s Profile
Firebrick Pharma Limited (ASX – FRE) marked a significant milestone this quarter with the publication of its Phase 3 clinical trial results for Nasodine nasal spray in Frontiers in Medicine. The study, conducted in 2019, is the first to demonstrate Nasodine’s efficacy in reducing the severity of the common cold, particularly when treatment begins within 24 hours of symptom onset. The trial’s findings highlight a 40% improvement over saline spray in functional impairment scores, underscoring Nasodine’s potential as a clinically meaningful treatment.
Sales Momentum in Singapore and the US
Building on this clinical validation, Firebrick reported solid sales growth across key markets. In Singapore, total unit sales rose 23% quarter-on-quarter despite the June quarter being off-peak for cold and flu season. Notably, sales through the Guardian pharmacy group increased by 36%, and online sales grew by 8%. Sales to healthcare professionals also surged by 44%, reflecting growing acceptance among medical practitioners. Meanwhile, the US market continued its upward trajectory with consecutive quarterly growth, supported by a low-cost, cashflow-neutral operation. Firebrick has outlined ambitious plans to scale up US marketing efforts in FY26, contingent on securing additional funding.
Funding Challenges Cloud Expansion Plans
Despite these positive operational developments, Firebrick’s recent private placement fell significantly short of expectations, raising only $173,000 against a $1.6 million target. The shortfall threatens to delay or scale back planned initiatives, including expanded marketing in the US and Singapore, entry into other Southeast Asian markets, and the development of new Nasodine-branded products. The company is actively exploring alternative funding avenues to support these growth strategies.
Financial Position and Operating Costs
At quarter-end, Firebrick held $983,000 in cash and cash equivalents, a modest increase from the previous year. Operating expenses remained elevated at $703,000 for the quarter, driven by marketing campaigns and regulatory filings associated with Nasodine’s retail launch. Net cash used in operating activities was $492,000 for the quarter, reflecting ongoing investment in commercialisation efforts. Payments to related parties, including executive and non-executive directors, totalled $230,000, consistent with prior periods.
Looking Ahead
Firebrick’s clinical validation and sales momentum position Nasodine as a promising product in the cold treatment market. However, the funding shortfall introduces uncertainty around the company’s ability to execute its expansion plans fully. Investors will be watching closely for updates on alternative financing and the impact of Nasodine’s growing market presence in FY26.
Bottom Line?
Firebrick’s Nasodine shows clinical and commercial promise, but funding gaps could stall its growth trajectory.
Questions in the middle?
- Will Firebrick secure the necessary funding to execute its US scale-up and regional expansion plans?
- How will Nasodine’s published clinical data influence market adoption and competitive positioning?
- What impact will ongoing operating costs have on Firebrick’s cash runway and valuation?
