Viagra replacement gets $10.5m funding boost

Brisbane-based LTR Pharma has attracted some big bucks from new investors as it seeks to replace the little blue pill in the bedroom with a simple nasal spray.

LTR Pharma executive chairman Lee Rodne.

Brisbane-based LTR Pharma has attracted some big bucks from new investors as it seeks to replace the little blue pill in the bedroom with a simple nasal spray.

LTR has raised $10.5m through a share placement to new sophisticated and institutional investors to advance regulatory approvals for its erectile dysfunction nasal spray – marketed as SPONTAN. LTR Pharma says it is now poised to expedite the commercialisation of SPONTAN, enabling early access through Australia’s special access scheme (SAS).

SAS provides for supply of an unapproved therapeutic good to patients on a case-by-case basis. LTR chairman Lee Rodne says SPONTAN has an effect in as little as 10 minutes with the nasal delivery bypassing the digestive system and going straight into the bloodstream. Rodne says Viagra revolutionised the treatment of erectile dysfunction a quarter of a century ago and provided millions of men the possibility of enjoying a functional sex life.

LTR Pharma has developed a nasal spray known as SPONTAN which delivers a drug similar to Viagra and works within 5 to 15 minutes

But Viagra and its variants can take a long time to work, and impact spontaneity. Experts say the effect of the drug also depends on how your body metabolises medication. “The desire for greater control, timing and spontaneity in the enjoyment of sexual experiences is of paramount importance,” says Rodne (illustrated). “We’re delighted by the enthusiastic support for the placement from both existing and new institutional investors.”

LTR is looking for a slice of the global market for ED treatments, which is forecast to grow from $US3.6bn in 2021 to $US5.9bn by the end of 2028 and Rodne see the little blue pills being eventually replaced by nasal sprays The raising included approximately 14.34 million fully paid ordinary shares at an issue price of 73c per share, a 13.2 per cent discount to the 30-day volume weighted average price.

AI focus

Business Chamber Queensland will host its next Business Matters lunch series on Thursday, August 1, on the topical issue of AI and innovation.

The event at the Westin, supported by Australian Retirement Trust, is expected to attract close to 200 local business leaders and captains of industry for a discussion on building success in the rapidly evolving digital environment.

Business Chamber Queensland chief executive Heidi Cooper will lead a panel of experts that will include University of Queensland’s Shazia Sadiq, Microsoft Queensland state director Brett Lightfoot and Cryptoloc Group founder and executive chairman Jamie Wilson.

The event will focus on the risk and opportunities of AI and digital innovation, beyond implementation to competitive and productivity gains. That’s a timely conversation, given the increasingly digitised economy we work and live in.

Business Chamber Qld chief executive Heidi Cooper - photo Supplied

Full cycle

The Property Industry Foundation’s pedal for homeless youth event in the Queen Street Mall last week raised a sizeable $51,000.

Almost 200 construction industry professionals and leaders competed in 20-minute sprints on stationary bikes, collectively clocking up kilometres and raising funds for Queensland’s most vulnerable youth. Suncorp, The Urban Developer, Saunders Havill Group, Colliers, Built Queensland, Lendlease, Blight Rayner, and the QUT Planning Students Association all took part in the event that will contribute to the foundation’s two major construction projects in Southeast Queensland - Logan Hub and Haven Home Kingaroy. The projects aim to provide 13 bedrooms for youths and mothers and their children.

Originally published as Viagra replacement gets $10.5m funding boost