As a seperate business line, LTR Pharma has entered into a deal with 2 other companies to develop nature-identical pharma-grade omega-3 oil. There was no upfront cost, and LTR Pharma will own a third of the new business: 'LevOmega'.

The business case is that ocean-sourced omega 3 is facing increased demand and over-stretched and polluted supply.

On the surface, the 3 companies appear to be synergistic. Levur have a technique to produce 'ethical oils' for all kinds of consumer products. Green Blue Health currently sell omega 3 from algae for animal feed. And LTR focus on bringing pharmaceuticals to market.

The product will still need to progress through technical validation and pilot-scale production.

LTR Pharma are currently well-funded, so hopefully they will continue to invest sensibly and it'll be interesting to see how this develops. They now have 3 business lines.

It's hard not to get a bit excited about this product: simplistically, a reformulation of Viagra in a nasal spray.

Delivery method IP: The drugs in Viagra and similar are off-patent, and actually the patent here is around the ability to produce a crystal-free nasal spray. Others have tried and failed, including Pfizer apparently.

Advantages of a nasal spray:

• 12 minutes to liftoff verses 50 minutes with a pill
• avoids digestion side-effects which put some men off the pill
• can use less active ingredient to reach the same blood concentration

Proposed cost: 'More than generics, less than Viagra'. Unit sales: Existing generic pill prescriptions are at 700m per annum globally. Beyond that, God knows how much Horny Goat Weed people are snorting. Generics seem to range a bit from $1 to $5 per pill (as per my 30 seconds of online research). I'm sure you can get them for 30c if you answer one of those spam emails, do let us know how that went if you have!

Timeline:

• Under a special access scheme, Australian men can already be prescribed the nasal spray and it is available at Terry White pharmacies. Telehealth available via makehardeasy.com.au
• I'm still trying to get my head around the FDA clearance timeline, but it's a year or two rather than a decade - because the underlying active ingredient has been used for two decades.

Share price: At 30c the EV here seems to be about $20m. $32m in the bank. Funded to the end of 2026 'including commercial launch in the US'