Firebrick Pharma (ASX: FRE) is making waves with its Nasodine Nasal Spray disinfectant, having recently executed an amended licence and distribution agreement to bring the product to the Philippines.
The amended agreement with S.V. More Pharma Corporation (SV More) allows for the local manufacture of Nasodine, shifting from its previous importation from Australia. This strategic change is expected to streamline the launch process and reduce associated costs.
Under the new deal, Nasodine will be classified as a ‘disinfectant spray for the nasal passages’ by the Philippines Food and Drug Administration (PFDA). This classification enables SV More to launch the product without additional clinical efficacy studies, accelerating its market entry.
Dr. Peter Molloy, Executive Chairman of Firebrick Pharma, expressed his excitement about the agreement, stating: “Now that this amended agreement has been signed, we will complete the tech transfer to SV More’s local manufacturing partner so they can make the product and complete the paperwork for PFDA approval.”
SV More’s local contract manufacturer, Hizon Laboratories Inc, will handle production and submit the necessary manufacturing dossier to the PFDA. Firebrick Pharma estimates that the process, including tech transfer and regulatory approvals, will take around 12 months, positioning Nasodine for a launch in the Philippines within that time frame.
The amended agreement stipulates that Firebrick will receive a licence fee for each unit sold, including a 20% fee on the manufacturer’s cost of goods plus an additional AUD 1.80 per unit. The agreement is set for a 10-year term, expiring in August 2034, with an option for SV More to renew for successive five-year terms.
“We expect the whole process to take at least 12 months after which Nasodine could be ready for launch in the Philippines.” Molloy added.
Firebrick Pharma continues its commitment to advancing antimicrobial solutions with Nasodine already available in markets such as the United States and Singapore. The company remains dedicated to expanding its global presence and enhancing health outcomes through its innovative products.
SV More’s Director of Marketing, Paul Santillana, said: “SV More is excited to announce our partnership with Firebrick, marking a significant milestone in introducing Nasodine, the world’s first-of-its-kind nasal disinfectant spray, to the Philippines.
“Our extensive discussions with leading ENTsi have revealed strong anticipation for Nasodine, and we are confident that doctors nationwide will be key advocates for this groundbreaking solution. We look forward to enhancing the health and well-being of Filipinos with this vital addition to the market.”
For the quarter ended 30 June 2024, the Company reported their first cash receipts of 15k following the recent launch of Naosdine in the US in April 2024. Net cash outflows from operations were $691k for the June quarter, an increase from $592k in the March quarter, which makes their YTD (12 months) operating cash outflow to $2.3million.
As of 30 June 2024, the Company had $825k in cash on hand.
Sidra is a Business Writer with The Sentiment
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