August 12, 2022

Brickell Biotech posts quarterly revenue gain on strength of Botanix deal

BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) reported higher second-quarter revenue, largely on the strength of a recent asset-purchase agreement.

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

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

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

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

BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) reported higher second-quarter revenue, largely on the strength of a recent asset-purchase agreement.

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

Brickell…

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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