Brickell adds 26M shares to market
BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) said it will offer 26 million new common shares at 38 cents a share, with up to another 4 million shares discounted for underwriters.
Brickell had 86 million shares outstanding before the offering and its shares closed Wednesday at 53 cents.
The public offering is set to close Monday, Nov. 1.
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William Blair & Co. LLC and Oppenheimer & Co. Inc. are the underwriters.
Brickell, a clinical stage drug company, expects to raise about $10 million to continue trials and for working capital and other purposes.
On Oct. 7 it reported positive topline results in Phase 3 studies of its sofpironium bromide gel, which is said to inhibit receptors in certain glands to reduce excessive underarm sweat.
Brickell focuses on “dermatologic, autoimmune and other debilitating diseases,” a press release said.
The company’s stock lost 25.53% on Thursday.
© BizWest Media LLC
BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) said it will offer 26 million new common shares at 38 cents a share, with up to another 4 million shares discounted for underwriters.
Brickell had 86 million shares outstanding before the offering and its shares closed Wednesday at 53 cents.
The public offering is set to close Monday, Nov. 1.
William Blair & Co. LLC and Oppenheimer & Co. Inc. are the underwriters.
Brickell, a clinical stage drug company, expects to raise about $10 million to continue trials and for working capital and other purposes.
On Oct. 7 it reported positive topline results in Phase 3 studies…
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