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.
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