QRxPharma Announces Successful Completion Of A$7.5 Million Placement

SYDNEY and BEDMINSTER, N.J., Nov. 13, 2013

The issue price under the Placement and SPP of A$0.60 per share represents a 15.5% discount to the last closing price of QRxPharma shares on 8 November 2013.  The shares issued under the Placement will be issued under the Company's 15% placement capacity under ASX Listing Rule 7.1. The proceeds from the Placement and SPP will be used to fund operations through the anticipated date of the United States Food and Drug Administration (FDA) decision on the approval of immediate release MOXDUO^®; to submit regulatory filings in Europe, Australia, New Zealand and Canada; and assuming MOXDUO is approved, provides capital for a sufficient period post approval to initiate the launch of MOXDUO.

QRxPharma will refile its immediate release MOXDUO New Drug Application (NDA) for the treatment for moderate to severe acute pain with the FDA by the end of November 2013. The Company anticipates the new Prescription Drug User Fee Act ("PDUFA") date (the date when the Company anticipates receiving regulatory approval of the drug) will be in Q2 CY2014. QRxPharma expects to meet with an FDA Advisory Committee prior to the PDUFA date. The funds raised will also allow QRxPharma to prepare fully for the Advisory Committee as the Company believes the Panel's view will be a significant consideration in the FDA's decision.

QRxPharma CEO and Managing Director Dr. John Holaday commented: "We received important guidance from the FDA at our last meeting, and we are hopeful that this will enable our refiled NDA to achieve a favourable outcome. Preparations are well advanced for the US commercial launch of MOXDUO into the US$2.5 billion acute pain segment of the US$8 billion spent annually on prescription opioids in the US. FDA approval would allow us to commercialise MOXDUO with Actavis in the second half of CY2014."

Dr. Peter Farrell, Chairman of QRxPharma, added: "This capital raising provides QRxPharma financial strength through our anticipated regulatory approval period. Management and I feel that we met all the requirements which the FDA led us to believe they needed, and this month we will re-submit the NDA for their consideration. We are hopeful that both the Advisory Committee and the FDA will agree that we have ticked all the appropriate boxes needed for approval of MOXDUO."

Share Purchase Plan
The SPP allows all eligible QRxPharma shareholders the opportunity to subscribe for up to A$15,000 of new shares at the issue price of A$0.60 per New Share with a limit on total funds to be raised through the SPP of A$2.5 million. This issue price is the same price paid by investors in the Placement. The record date for the SPP is 8 November 2013.

New shares issued under the SPP and the Placement will rank equally with existing ordinary shares on issue.