Botanix has today announced it has received firm commitments for $13.5m via an institutional placement, with proceeds to support preparation for commercial launch activities for Sofdra™.
The Company has welcomed support from a significant number of new and existing institutional and sophisticated investors.
Proceeds from the Placement will support preparation for commercial launch activities of Sofdra in the United States, as well as general working capital purposes and costs of the Placement.
Botanix Executive Chairman, Vince Ippolito, said:
“We are extremely pleased to announce this Placement to institutional investors, with the resubmission to FDA pending and approval planned for mid-2024.
“There are a number of initiatives that need to be completed to ensure a successful launch of Sofdra and subsequent revenue growth, and this new capital enables those initiatives to be accelerated.”