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QRxPharma Announces Successful Completion Of A$7.5 Million Placement
Date:11/13/2013

SYDNEY and BEDMINSTER, N.J., Nov. 13, 2013 /PRNewswire/ -- QRxPharma Limited (ASX: QRX and OTCQX: QRXPY) ("QRxPharma") announced today the successful completion of a Placement to institutional and sophisticated investors, raising A$7.5 million ("Placement"). The oversubscribed Placement was well supported primarily by existing shareholders plus some new investors.  The Company also announced a Share Purchase Plan of up to A$2.5 million ("SPP") for existing shareholders to participate in this capital raise.

The issue price under the Placement and SPP of A$0.60 per share represents a 15.5% discount to the last closing price of QRxPharma shares on 8 November 2013.  The shares issued under the Placement will be issued under the Company's 15% placement capacity under ASX Listing Rule 7.1. The proceeds from the Placement and SPP will be used to fund operations through the anticipated date of the United States Food and Drug Administration (FDA) decision on the approval of immediate release MOXDUO®; to submit regulatory filings in Europe, Australia, New Zealand and Canada; and assuming MOXDUO is approved, provides capital for a sufficient period post approval to initiate the launch of MOXDUO.

QRxPharma will refile its immediate release MOXDUO New Drug Application (NDA) for the treatment for moderate to severe acute pain with the FDA by the end of November 2013. The Company anticipates the new Prescription Drug User Fee Act ("PDUFA") date (the date when the Company anticipates receiving regulatory approval of the drug) will be in Q2 CY2014. QRxPharma expects to meet with an FDA Advisory Committee prior to the PDUFA date. The funds raised will also allow QRxPharma to prepare fully for the Advisory Committee as the Company believes the Panel's view will be a significant
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SOURCE QRxPharma Limited
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