Posted On: 05 Apr 2023
Botanix lifted a trading halt this morning, sharing news that it has secured commitments of A$10.0million via institutional investors to accelerate the marketing and launch activities for Sofpironium Bromide.
Proceeds from the Placement will be used to progress Botanix’s lead development program, Sofpironium Bromide gel (15%), including costs associated with completing FDA review, manufacturing, satisfying milestone payments and preparing for commercial launch in the United States, as well as general working capital purposes and costs of the offer.
Botanix Executive Chairman, Vince Ippolito, commented:
“We are very pleased to announce this placement to institutional investors who have
actively researched and engaged with Botanix and are prepared to invest at this pivotal point in
the Company’s development.
“We are particularly pleased by the support from new institutional investors as they take
the opportunity to join Botanix on its journey towards FDA approval and
commercialisation of our lead product, Sofpironium Bromide for primary axillary
hyperhidrosis.”