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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
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SOURCE QRxPharma Limited
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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
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