LTP Pharma has raised $10.5m to advance its nasal spray SPONTAN for ED. Pic: Getty Images.
Health & Biotech
Special Report: LTR Pharma has raised $10.5m through a share placement to sophisticated and new institutional investors to advance regulatory pathways for its novel erectile dysfunction (ED) nasal spray SPONTAN.
Clinical stage biotech LTR Pharma (ASX:LTP) says in a strong sign of support for the company and its work to help men with ED through development of SPONTAN demand for a share placement from sophisticated and new institutional investors was significantly above the $10.5m raised.
Funds raised will be used to advance regulatory pathways for LTP’s novel proprietary PDE5 nasal spray treatment for erectile dysfunction (ED) – SPONTAN – as well as expand the R&D pipeline and bolster sales and marketing efforts.
The company says it is now poised to expedite commercialisation of SPONTAN, enabling early access through Australia’s special access scheme (SAS).
The company will issue ~14.34 million fully paid ordinary shares to institutional, professional and sophisticated investors, at an issue price of 73 cents/share, a 13.2% discount to the 30-day volume weighted average price (VWAP).
LTP is focused on improving men’s health through the clinical development and commercialisation of SPONTAN.
The company says SPONTAN is designed as a fast-acting, on-demand treatment for ED, enabling men to “live in the moment vs needing to plan ahead” and enjoy spontaneous intimacy.
The treatment uses a novel, intra-nasal delivery method, providing a quicker onset of action, lower dosage requirements, and fewer side effects compared to traditional oral PDE5 inhibitors, such as Viagra.
By addressing the major limitations of current first-line treatments – such as long response times and high discontinuation rates due to adverse effects – SPONTAN is poised to be a highly anticipated addition to the global ED market, which is projected to reach US$6 bn by 2028.
LTP says the funding will enable the company to advance SPONTAN, through critical regulatory milestones in key markets.
It is actively pursuing expedited approval pathways in the US, Australia and then in other key markets globally.
Concurrently, LTP expects prescriptions to start through Australia’s Special Access Scheme (SAS), bringing SPONTAN to patients in need in the near term.
The company is also actively exploring partnership and licensing opportunities with major pharmaceutical companies to accelerate SPONTAN’s global commercialisation and the level of interest is extremely high so far.
LTP Pharma’s chairman, Lee Rodne, says the company is “delighted by the enthusiastic support” for the placement from both existing and new institutional investors.
“LTR Pharma is pioneering ED treatment with our innovative nasal spray, SPONTAN,” he says.
“Building on the positive results from our recent pivotal pharmacokinetic study, we’re continuing to expedite the commercialisation of SPONTAN in key markets.
“This capital injection will accelerate our regulatory engagements, strengthen our market entrance strategy through additional headcount, develop online product channels, and support partnering and licensing discussions.”
Rodne says LTP will initially leverage Australian early access schemes, whilst exploring potential partnerships with major pharmaceutical companies globally.
“We’re excited about the company’s future and appreciate our shareholders’ continued support,” he says.
Alpine Capital Pty Ltd acted as the sole lead manager to the placement.
This article was developed in collaboration with LTP Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Health & Biotech
Health & Biotech
Health & Biotech
