Boulder’s Brickell Biotech Reports Quarterly Revenue Gain on Strength of Botanix Deal

Brickell Biotech Inc. (Nasdaq: BBI) reported higher revenue in the second quarter, largely due to a recent asset purchase deal.

Brickell recorded revenue of $4.3 million, compared to $200,000 in the second quarter of 2021. Most of that amount – $3 million – came from an upfront payment from Botanix SB, a subsidiary of Botanix Pharmaceuticals Ltd., which acquired all rights and assets from Brickell to sofpironium bromide, a potential treatment for primary axillary hyperhidrosis or excessive armpit sweating. Brickell was on track to submit a New Drug Application to the United States Food and Drug Administration for sofpironium bromide gel in mid-2022.

Brickell will receive initial and near-term regulatory milestone payments of up to $9 million from Botanix, as well as additional success-based regulatory and sales milestone payments of up to $168 million.

Brickell’s net loss for the second quarter totaled $1 million, compared to $11.1 million in the same period a year ago.

In July, the company conducted a 1-for-45 reverse stock split to regain compliance with the Nasdaq Capital Market for the minimum stock price. Brickell’s stock closed Thursday at $3.27.

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.

About Jason Norton

Check Also

Liminal BioSciences Announces Nasdaq Capital Market Listing Transfer

LAVAL, QC and CAMBRIDGE, England, September 1, 2022 /PRNewswire/ – Liminal BioSciences Inc. (Nasdaq: LMNL) …