- Botanix Pharmaceuticals (ASX: BOT) Finishes its $13.5 million placement to accelerate its US commercial activities and to increase revenue turnaround
- The funds raised are for the commercial launch of Sofpironium Bromide gel, and the placement issued some 100 million shares at 13 cents apiece
- Euroz Hartleys was the Sole Lead Manager and Bookrunner for the Placement
- The company is also finalising sales strategies, and these newly acquired funds will expedite post-approval processes, reducing time to revenue generation
- BOT shares are up 4.55 per cent, trading at 16 cents at 11:22 am AEDT
Botanix Pharmaceuticals (ASX: BOT) has closed its $13.5 million placement to both new and existing institutional and sophisticated investors to accelerate commercial activities in the US to increase revenue turnaround.
The funds raised are for the commercial launch of Sofpironium Bromide gel, and for general working capital needs. The placement issued some 100 million shares at 13 cents apiece, with Euroz Hartleys serving as the Sole Lead Manager and Bookrunner for the Placement.
“We are very pleased to finalise this Placement with the support of a number of new institutions and our committed investor base.” Botanix Executive Chairman Vince Ippolito said.
“There are a number of initiatives that need to be completed to ensure a successful launch of Sofdra and revenue growth, and this new capital enables those initiatives to be accelerated.”
Botanics reported it has multiple work streams focused on engaging US payers, as well as developing marketing materials, testing telemedicine and supply chain components.
The company is also finalising sales strategies, and these newly acquired funds will expedite post-approval processes, reducing time to revenue generation.
BOT shares were up 4.55 per cent, trading at 16 cents at 11:22 am AEDT.