Navigation Links
QRxPharma Limited Announces A$14 Million Placement Together With a Share Purchase Plan
Date:10/1/2010

SYDNEY and BEDMINSTER, N.J., Oct. 1 /PRNewswire/ -- QRxPharma Limited (ASX: QRX and OTCQX: QRXPY) has today announced a Placement which raised A$14 million and which was significantly oversubscribed.

The issue price under the Placement is A$0.85 per share, a 15% discount to the last closing price of QRxPharma shares on 28 September 2010 of A$1.00.

The Company was pleased to accept some of the oversubscriptions from investors and increase the size of the placement from A$10 million to A$14 million.

RBS Morgans Corporate Limited was Lead Manager to the Capital Raising.

QRxPharma intends to use the proceeds from this capital raising to fund a Phase 3 labeling claim study that will enable the company to make marketing and advertising claims in Europe and the U.S. for MoxDuo IR, an immediate release Dual-Opioid® pain therapy. The funds will also be used to support the company as it files its New Drug Application (NDA) with the US Food and Drug Administration (FDA) and advances its Marketing Authorisation Application (MAA) in Europe in CY2011.

The additional funds raised by increasing the size of the placement will enable the company to further progress the development programs of MoxDuo CR (controlled release) and MoxDuo IV (intravenous).

The Placement shares will be allotted in two tranches with Tranche 1, comprising approximately 3.8 million shares, to be allotted on Thursday 7 October 2010. The allotment of Tranche 2, comprising approximately 12.6 million shares, is subject to shareholder approval at the company's AGM to be held on Monday 8 November 2010. These shares are expected to be allotted on Tuesday 9 November 2010.

The Company will also implement a Share Purchase Plan (SPP) to allow its retail shareholders to participate in the capital raising for up to A$15,000 per shareholder at A$0.85 per share. The Record Date for participation in the SPP is Thursday 30 September 2010. The details of the SPP will be sent to shareholders in due course.  

QRxPharma CEO and Managing Director, Dr John Holaday commented, "We are encouraged by the strong level of support we received for this offering as we progress towards the commercialization of our Dual Opioid portfolio of products. QRxPharma is pleased to be one of the few Australian companies with a drug in the final stages of clinical development."

"MoxDuo has the potential to revolutionize the management of pain from the hospital to the home. We have administered MoxDuo IR to well over 500 patients with moderate to severe pain following bunionectomy or total knee replacement surgery, and data indicate excellent pain relief with a 50-75% reduction in moderate to severe side effects. Results from our Phase 3 studies set the stage for NDA filing with the FDA, and once approved, we anticipate the launch of MoxDuo IR into the US$12 billion marketplace in the US and Europe in 2012," he added.  

Further details regarding the timetable for the Placement and Share Purchase Plan are included in the Annexure to this announcement.

Forward Looking Statements

This release contains forward-looking statements.  Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations.  Any statement in this release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement.  These statements are based on plans, estimates and projections as they are currently available to the management of QRxPharma.  Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties.  A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.  Such factors include risks relating to the stage of products under development; uncertainties relating to clinical trials; dependence on third parties; future capital needs; and risks relating to the commercialization of the Company's proposed products.

About QRxPharma

QRxPharma (ASX: QRX and OTCQX: QRXPY) is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of new treatments for pain management and central nervous system (CNS) disorders. Based on a development strategy which focuses on enhancing and expanding the clinical utility of currently marketed compounds, the Company's product portfolio includes both late and early stage clinical drug candidates with the potential for reduced risk, abbreviated development paths, and improved patient outcomes.  The Company intends to co-promote its products in the US and seeks strategic partnerships for worldwide markets. QRxPharma's lead product candidate, MoxDuo®IR, is in Phase 3 clinical development and has successfully completed multiple comparative studies evaluating its efficacy and safety against equi-analgesic doses of morphine, oxycodone and Percocet® for the treatment of acute pain. QRxPharma expects to complete its Phase 3 program in Q4 CY2010 and file its New Drug Application (NDA) with the US Food and Drug Administration (FDA) for MoxDuo IR in Q1 CY2011. The Company's preclinical and clinical pipeline includes other technologies in the fields of pain management, neurodegenerative disease and venomics. For more information, visit www.qrxpharma.com.


'/>"/>
SOURCE QRxPharma Limited
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. QRxPharma Doses First Patients in Phase III Clinical Trial Program for its Dual Opioid Pain Therapy
2. QRxPharma Releases Successful Phase 3 Study Results for Dual Opioid Pain Therapy
3. QRxPharma Releases Additional Phase 3 Data for Q8003IR Dual Opioid Pain Therapy
4. QRxPharma Successfully Completes Comparative Study for Dual-Opioid(TM) Pain Therapy
5. QRxPharma Inks Deal with Patheon for the Manufacture of MoxDuo(TM)CR
6. QRxPharma Limited Announces A$21.6 Million Fully Underwritten Capital Raising
7. QRxPharma Initiates Second Pivotal Phase 3 Study of MoxDuo(TM)IR Dual-Opioid(TM) for NDA Submission
8. QRxPharma Limited and China Aoxing Pharmaceutical Company Announce Strategic Alliance for Development of MoxDuo(R)IV
9. QRxPharma Releases Additional Pivotal Phase 3 Combination Rule Study Data for MoxDuo(R)IR in Patients with Post-Surgical Pain
10. QRxPharma Successfully Completes Comparative Phase 1 Proof-of-Concept Study for MoxDuo(R) CR Tablet Formulation
11. QRxPharma Receives Positive Feedback from Scientific Advice Meetings in Europe on MoxDuo®IR Development and Registration
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... PORTLAND, Oregon and PUNE, India , March 24, 2017 ... in 2015, and is estimated to reach $2,614 million by 2022, Globally, registering a ... expected to generate the highest revenue, and is projected to dominate the market during ... ... Allied Market Research Logo ...
(Date:3/24/2017)... IRVINE, Calif. , March 24, 2017 ... ,the epigenetics company, and Hamilton Robotics, Inc., ... workstations, announced an ongoing collaboration that teams ... products and RNA and DNA extraction products ... has already created optimized methods for microbiomics ...
(Date:3/24/2017)... Research and Markets has announced the addition of the ... ... worldwide markets for Dental Implants in US$ Million. The report provides separate ... Japan , Europe , Asia-Pacific ... Annual estimates and forecasts are provided for the period 2015 ...
Breaking Medicine Technology:
(Date:3/24/2017)... ... March 24, 2017 , ... Texas Physical Therapy ... be found at 9618 Huebner Road. The clinic is the group’s 7th location in ... and Dr. Ali Higgins, PT, will provide care from the clinic, which opened March ...
(Date:3/24/2017)... ... March 24, 2017 , ... As the standards ... a communications platform that positions them as the go-to thought leader in all ... online publication as an always-on, always-fresh news, views and advocacy engine, called ONS ...
(Date:3/24/2017)... ... March 24, 2017 , ... Gastro Health ... partnership to prep patients for colonoscopy at the HyGIeaCare® Center that is to ... Miami, FL. , The HyGIeaCare® Prep, cleared by the U.S. Food ...
(Date:3/24/2017)... ... 24, 2017 , ... “Vintage and Harvest A Cultivation of Christian Love” is ... residing in North Carolina with his wife, Anna Marie. He and his wife are ... David is also the author of “Shadow and Substance.” , “Love, the agape kind, ...
(Date:3/23/2017)... ... 2017 , ... The physicians of KSF Orthopaedic Center PA are proud to ... location is located at 2255 E. Mossy Oaks Rd., Suite 440, Spring, Texas 77389 ... provide patients living in the north Houston area (The Woodlands, Conroe, Magnolia, Kingwood, Humble) ...
Breaking Medicine News(10 mins):