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QRxPharma Limited Announces A$21.6 Million Fully Underwritten Capital Raising
Date:11/16/2009

BEDMINSTER, N.J. and SYDNEY, Australia, Nov. 16 /PRNewswire-FirstCall/ -- QRxPharma Limited (ASX: QRX and OTCQX: QRXPY) has today announced the completion of an underwritten institutional placement raising A$8.0 million which was significantly oversubscribed. The Company has also launched a fully underwritten 1 for 5 renounceable rights issue to raise a further A$13.6 million. The combined Placement and Rights Issue will raise A$21.6 million.

The issue price under the Placement and Rights Issue is A$0.80 per share; a 33.3% discount to the last closing price of QRxPharma shares on 10 November 2009.

The Placement and Rights Issue are fully underwritten by RBS Morgans Corporate Limited.

QRxPharma intends to use the proceeds from the Placement and Rights Issue for funding the Phase 3 drug development and expenditure program for its MoxDuo(TM) IR (immediate release dual opioid) product. This includes the lodgment of a New Drug Application with the US Food and Drug Administration in 2010, and for additional working capital purposes.

QRxPharma plans for launch of MoxDuo(TM) IR in the U.S. marketplace in 2011. MoxDuo(TM) IR is intended for the management of moderate to severe acute pain. QRxPharma's product pipeline also includes intravenous (IV) and controlled release (CR) formulations which are in earlier stages of clinical development.

QRxPharma CEO and Managing Director, Dr John Holaday commented, "It is pleasing to see the support we have received from the market for our capital raising. We welcome many new institutional shareholders to our register and look forward to them sharing our success as we progress towards the commercialization of our lead compound MoxDuo(TM) IR. We are encouraged by this strong level of support for the commercialization of MoxDuo(TM)."

Dr. Peter Farrell, Chairman of QRxPharma, stated, "This offering enables the Company to complete the MoxDuo(TM) IR pivotal Phase
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SOURCE QRxPharma Limited
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