Firebrick Pharma (ASX:FRE) just told investors sales of its Nasodine nasal spray will launch in 2024

…and Firebrick Pharma (ASX:FRE) investors are very happy about this news, sending the stock up as high as 52% at one point on Thursday morning. It has been a difficult couple of years for the company, but the third year of its listed life may prove to be better than the first two.

Introduction to Firebrick Pharma

Firebrick Pharma is a biotech developing Nasodine, a nasal spray that it hopes can treat the ‘common cold’. Yes, there are plenty of medications that can suppress symptoms, but there are none that squash the virus in its tracks.

The company listed having completed a Phase 3 trial, comparing it to saline nasal spray. Although this was done in 2019, the TGA withheld approval based on insufficient evidence of efficacy. Firebrick has played its cards, both appealing the decision, but also conducting a further Phase 3 clinical trial. Talk about bad timing with the Bear Market for Biotech stocks.

Unfortunately, a couple of months ago, the trial ‘did not meet its primary endpoint’ – in other words, the drug did not work as well as the placebo.

Nonetheless, the company told shareholders this morning that it has a faster path to market.

Firebrick (ASX:FRE) share price chart, log scale (Source: TradingView)

What now?

Firebrick told investors today that it could use Nasodine as a general nasal antiseptic or disinfectant for the elimination of microbial pathogens in naval passages. It told investors it has advice that it could be legally marketed in several countries without further clinical studies. Although specific countries were not disclosed, Firebrick said sales would commence in the new year.

Is the company in a better position now? Maybe in the sense that it’ll have more revenue than if it just stuck to Australia. At the same time, if it is just another nasal spray that can relieve symptoms, it’ll face a lot more competition that it would have in the event it was marketed as spray that could prevent or stop the common cold, as opposed to just a few symptoms.

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