Brickell raises $8.9M on new common shares

BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) raised $8.9 million after expenses on its sale of 26.3 million new common shares.

Shares priced at 38 cents, a roughly 25% discount on the stock’s closing price the day before shares were offered. Brickell stock traded recently at 40 cents. It had 86 million shares outstanding before the offering.

A U.S. Securities and Exchange Commission filing said proceeds will go to “research and development, including clinical trials, working capital, business development and general corporate purposes.”

Underwriters William Blair & Co. LLC and Oppenheimer & Co. Inc. can buy up to 4 million additional shares at a discount.

On Oct. 7, the company 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 develops drugs for dermatologic and autoimmune diseases,

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