Australian pharmaceutical developer, Firebrick Pharma (ASX:FRE) has launched its latest product, Nasodine Nasal Spray, in the US market.
“Nasodine will be the only PVP-I nasal spray in the US that is supported by demonstrated safety in clinical trials and a growing list of peer-reviewed publications,” Firebrick Executive Chairman Dr. Peter Molloy said.
“In a post-COVID world, where everyone is concerned about nasal hygiene, we believe Nasodine is the answer.”
Firebrick specialises in developing and commercialising innovative formulations and applications of povidone-iodine.
Despite listing at 65 cents two years ago, Firebrick has faced challenges, with its stock falling to 8 cents today. However, the company, which joined the market post-pandemic, aims to boost investor confidence with this new product and saw a 60% surge in shares this morning on the announcement.
“We plan to establish a portfolio of products under the Nasodine brand and introduce them in the US and other markets,” Dr. Molloy said.
“Launching Nasodine into the world’s premier pharmaceutical market is a momentous event for our company, culminating more than 10 years of R&D and heralding our transition to a commercial pharmaceutical business.”
In the US market, Nasodine will be marketed solely for nasal hygiene purposes, avoiding any therapeutic claims.
This strategy has been vetted by legal advisors to ensure compliance, enabling Nasodine to be marketed without FDA approval. Similar nasal sprays have been introduced and marketed in the US under similar guidelines since 2020.
The initial US commercial batch of Nasodine has recently been completed, with warehousing and order fulfillment services being handled by a third-party logistics partner within the US.
Initially, Nasodine will be exclusively available online, with future plans for distribution in US pharmacies.
Firebrick also has several other products in development, with expectations for some to enter the US market in the future.
FRE last traded at 8.1c.