An IPO that has opened for a Brisbane-based med-tech company, LTR Pharma. They are commercialising technology that will potentially make best-in-class drugs for erectile dysfunction work within 10 minutes (current oral tablets take up to 1 hour) – good news for the millions of men suffering from this condition.
LTR Pharma has reached an important commercial milestone - opening of its Initial Public Offer (IPO) for a proposed listing on the Australian Securities Exchange (ASX) under ticker code $LTP.
Under the Offer, the Company is raising a maximum $7 million with the issue of up to 35,000,000 Shares at $0.20 per Share. The Closing Date for Application is 24 November 2023, unless maximum subscription is reached earlier. Alpine Capital has been appointed as Lead Manager to this IPO.
LTR Pharma’s focus is on holistically improving mens’ health through the clinical development and commercialisation of an innovative intranasal spray treatment for Erectile Dysfunction (ED), SPONTAN®.
ED is a condition in which a person is unable to get or keep an erection firm enough for satisfactory sexual intercourse. It is a serious health issue for millions of men that can harm their self-esteem and relationships, at any age.
The Company’s lead product SPONTAN® differs from existing ED therapies by its mechanism of action – intranasal delivery of an already proven, effective and regulatory-cleared PDE5 inhibitor, Vardenafil (Levitra®). Its unique composition and delivery mechanism is designed to bypass first-pass metabolism associated with many oral PDE5 medications.
The nasal cavity is a highly vascular part of the body which supports even and rapid absorption of the drug, empowering it to work within 10 minutes. Current oral PDE5 tablets such as Viagra can take up to one hour to take effect, with efficacy often impacted by the consumption of food and beverages. Click here to view a short animation, demonstrating the potential mechanism of action of SPONTAN®.
The global market for ED treatments was estimated to be worth US$3.6 billion in 2021 and is expected to grow to US$5.9 billion by the end of 2028. Consumer demand warrants new and innovative treatments in this market category.
LTR Pharma is planning to pursue the expedited FDA 505(b)(2) regulatory process, which governs a change of route in administration of an already approved drug. The Company recently received approval from the Bellberry Human Research Ethics Committee (‘HREC’) for a bioequivalence clinical trial comparing its proprietary multi-use Nasal Spray SPONTAN® with the FDA approved ED drug Levitra®.
The proposed trial will compare the pharmacokinetics, safety and tolerability of Vardenafil following administration of LTR’s Nasal Spray (SPONTAN®) and Levitra® tablets in healthy male adults. Patient recruitment is expected early next year, with trial sites to open in Sydney, Australia in Q1 CY24.
LTR Pharma Initial Public Offer (IPO) Details
The public is now invited to review the LTR Pharma Limited Prospectus in respect of its Initial Public Offer (IPO) and proposed listing on the Australian Securities Exchange (ASX) under its expected ASX ticker code ‘LTP’.
The offers contained in the Prospectus are an invitation to acquire fully paid ordinary shares (Shares) in LTR Pharma Limited ACN 644 924 569 (Company). You should consider the Prospectus in its entirety in deciding whether to acquire Shares in the Company. Applications for Shares may only be made by completing the Application Form accompanying the Prospectus.
An investment in the Company is subject to a range of general and specific risks. These risks include risk associated with insufficient funding, innovation and competition risk, risk associated with undertaking clinical trials, regulatory risk, intellect property and trade secret risk. A summary of the main risk factors associated with an investment pursuant to this Prospectus are highlighted in section 11.
The Closing Date for Application and payment is 5.00pm pm AEDT on 24 November 2023 unless the Maximum Subscription is reached earlier, or later as determined by the Directors.