Sydney, Australia – 24 July 2024 – LTR Pharma Limited (ASX: LTP) ("LTR Pharma" or "the Company"), a company focused on improving men's health through the clinical development and commercialisation of an innovative nasal spray treatment for Erectile Dysfunction ("ED") called SPONTAN®, is pleased to announce the successful completion of a A$10.5 million share placement to sophisticated and new institutional investors. The placement received demand significantly above the A$10.5 million raised.
Key Highlights:
Successful Fundraising: LTR Pharma has raised A$10.5 million through a private placement at an issue price of A$0.73 per share, representing a 13.2% discount to the 30-day volume weighted average price (VWAP).
Capital Utilisation: The funds will be used to advance SPONTAN®'s regulatory pathways, expand the R&D pipeline, and bolster sales and marketing efforts.
Commercialisation Acceleration: The funding will expedite the commercialisation of SPONTAN®, enabling early access through Australia's Special Access Scheme (SAS).
Allocation of Funds:
Sales and marketing, partnering: A$2.00 million
Telemedicine consumer website: A$1.00 million
R&D pipeline expansion: A$2.00 million
Regulatory studies: A$1.40 million
Working capital: A$3.47 million
IR / Costs of the offer: A$0.63 million
Settlement of the Placement is expected to occur on Tuesday, 30 July 2024. An Appendix 3B for the Placement has been separately released to the ASX. Alpine Capital Pty Ltd acted as the Sole Lead Manager to the Placement.
Lee Rodne, Chairman of LTR Pharma, commented on the announcement: "We're delighted by the enthusiastic support for the Placement from both existing and new institutional investors. LTR Pharma is pioneering ED treatment with our innovative nasal spray, SPONTAN®. Building on the positive results from our recent pivotal pharmacokinetic study, we're continuing to expedite the commercialisation of SPONTAN in key markets.
This capital injection will accelerate our regulatory engagements, strengthen our market entrance strategy through additional headcount, develop online product channels, and support partnering and licensing discussions. We'll initially leverage Australian early access schemes, whilst exploring potential partnerships with major pharmaceutical companies globally. We're excited about the Company's future and appreciate our shareholders' continued support."
About us:
About LTR Pharma Limited: LTR Pharma Limited is an Australia-based clinical-stage biopharmaceutical company. The Company is focused on holistically improving men's health, physically and mentally, through the commercialization of an intranasal spray treatment for Erectile Dysfunction (ED). Its lead product SPONTAN is set apart from existing ED therapies by its mechanism of action-intranasal delivery technology of a PDE5 inhibitor. The nasal cavity is a highly vascular part of the body supporting even and rapid absorption of the drug, empowering it to work in 10 minutes or less. SPONTAN (SDS-089) is a novel intranasal drug (PDE5) delivery platform for Erectile Dysfunction.
