Botanix Pharmaceuticals (ASX:BOT) has received commitments from a significant number of new leading Australian and international institutional investors, alongside key existing institutional and sophisticated investors, to raise $40 million.
The issue price of $0.33 represents a 7 per cent discount to the company’s last traded price before the trading halt on Monday, April 14. The placement is not underwritten.
Botanix will use the proceeds to support the commercialisation of Sofdra in the US following the successful launch of the sales force in February 2025.
Sofdra is the first and only new chemical entity approved by the FDA to treat primary axillary hyperhidrosis (PAH). PAH is a condition characterised by excessive and uncontrollable sweating in the armpits without any identifiable underlying cause.
The proceeds raised will fund the expansion of the sales force and infrastructure, widening the digital platform and marketing activities, inventory and logistics, platform expansion and additions, operating costs and G&A, and costs of the placement.
Botanix executive chairman, Vince Ippolito, said, “We are pleased to complete this Placement, with strong support from our existing institutional shareholders, following the successful launch of Sofdra™ last quarter.” “These funds will allow us to accelerate the commercialisation of Sofdra, which is particularly exciting given the sales performance of Sofdra in only the first 9 weeks of launch.”
