Botanix gets confirmation of $13.5 million institutional placement

27 November 2023

Australian dermatology specialist Botanix Pharmaceuticals (ASX: BOT) saw its shares dip 3.2% to A$0.15 this morning, despite announcing receipt of firm commitments for $13.5 million (US) via an institutional placement, with proceeds to support preparation for commercial launch activities for its lead product Sofdra (sofpironium bromide) gel.

Proceeds from the placement will support preparation for commercial launch activities of Sofdra in the USA, as well as general working capital purposes and costs of the placement.

Botanix says its immediate focus is on engaging US payers (insurers); preparing launch marketing and sales materials; testing telemedicine and supply chain elements; and finalising our sales strategies. This injection of funds will accelerate these key activities.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK