QRxPharma (ASX: QRX; OTCQX: QRXPY) has received a notice of substantial shareholder from Australian Ethical Investment fund managers.
The fund became a substantial holder on 18 December 2009, acquiring 5.279m shares in QRx at $0.80 per share.
In November 2009, QRxPharma completed an underwritten institutional placement at A$0.80 per share, raising A$8.0 million which was significantly oversubscribed.
Proceeds from the Placement and Rights Issue (which in total raised raised A$21.6 million) will be used for funding
the Phase 3 drug development and expenditure programme for its MoxDuo™ IR (immediate release dual opioid) product.
This includes the lodgement 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™ IR in the US marketplace in 2011.
MoxDuo™ 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.