Brickell Biotech’s chief medical officer quits after four months amid ongoing legal woes Company to offer $75M in new stock and debt after loss of main financier

BOULDER — The top doctor at Brickell Biotech Inc. (Nasdaq: BBI) is leaving the embattled pharmaceutical company after just four months on the job.

The Boulder-based Brickell said Dr. Sanjeev Ahuja is resigning effective Feb. 29 to pursue other opportunities, according to disclosures filed with the U.S. Securities and Exchange Commission Monday evening. He will continue to aid the company as a consultant.

Ahuja was hired in October on a $387,000 salary.

Brickell also said board member Dr. William Ju resigned from the company on Feb. 7.

In a separate filing, Brickell said it intends to offer $75 million worth of new stock and debt to bolster its operations and fund Phase III trials of sofpironium bromide, an anti-excessive sweating treatment. The company has yet to gain approval from federal regulators to sell any drugs, putting its cash flow solely at the mercy of investors.

Brickell is in arbitration with Miami-based Bodor Laboratories Inc. after Bodor sued the Boulder company for a swath of alleged violations of an intellectual property agreement, including attempting to patent a Bodor-owned anti-excessive sweating treatment. Attempts to solve the dispute through mediation failed in December.

The lawsuit has particularly crunched Brickell after North Carolina venture fund NovaQuest withdrew a milestone funding agreement worth $25 million that Brickell inherited from its reverse merger with Vical Inc., $5.6 million of which Brickell has agreed to pay back.

BOULDER — The top doctor at Brickell Biotech Inc. (Nasdaq: BBI) is leaving the embattled pharmaceutical company after just four months on the job.

The Boulder-based Brickell said Dr. Sanjeev Ahuja is resigning effective Feb. 29 to pursue other opportunities, according to disclosures filed with the U.S. Securities and Exchange Commission Monday evening. He will continue to aid the company as a consultant.

Ahuja was hired in October on a $387,000 salary.

Brickell also said board member Dr. William Ju resigned from the company on Feb. 7.

In a separate filing, Brickell said it intends to offer $75 million worth of new stock and debt to bolster its operations and fund Phase III trials of sofpironium bromide, an anti-excessive sweating treatment. The company has yet to gain approval from federal regulators to sell any drugs, putting its cash flow solely at the mercy of investors.

Brickell is in arbitration with Miami-based Bodor Laboratories Inc. after Bodor sued the Boulder company for a swath of alleged violations of an intellectual property agreement, including attempting to patent a Bodor-owned anti-excessive sweating treatment. Attempts to solve the dispute through mediation failed in December.

The lawsuit has particularly crunched Brickell after North Carolina venture fund NovaQuest withdrew a milestone funding agreement worth $25 million that Brickell inherited from its reverse merger with Vical Inc., $5.6 million of which Brickell has agreed to pay back.