$13.5M institutional placement

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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.”

Click here to read today’s ASX release.

Research note | Continued Strong Sales from Japanese Partner

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Euroz Hartleys has published a research note on the performance of Kaken Pharmaceuticals, our Japanese pharmaceutical partner, which may provide insight into rapid growth potential for Sofpironium Bromide in the US.

Analyst Seth Lizee wrote:

“Sales of Sofpironium Bromide (branded as “Ecclock”) grew 71% pcp to ¥700 million in Q2 2023. Moreover, Kaken upgraded its 2023 full year sales target to ¥2.1 billion (from ¥1.9 billion), implying +67% YoY growth.

“These figures provide insight into the potential future sales of Sofpironium Bromide in the United States, underscoring the considerable market opportunity at hand.”

Click here to read the full report