Brickell posts $4.3M loss for third quarter

BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) reported a net loss of $4.3 million for the third quarter ended Sept. 30, compared with a loss of $4.8 million for the same period a year ago.

Brickell, a clinical-stage pharmaceutical company focused on developing therapeutics for treatment of debilitating skin diseases, reported revenue of about $100,000, compared with $1.2 million for the third quarter of 2019.

The company said in a press release that revenue in both periods was driven by research-and-development activities, with some clinical studies that were ongoing in 2019 but “concluded or winding down by the end of the first quarter of 2020.”

Brickell in October completed an equity financing that provided net proceeds of approximately $13.7 million that the company said strengthened its balance sheet and will enable it to fully fund its operations.

Brickell reported cash and cash equivalents and marketable securities of $20.2 million as of Sept. 30, compared with $11.7 million as of Dec. 31, 2019. 

“I am proud of the focus, drive and determination that the Brickell team has shown in 2020, which has allowed us to execute against our corporate goals,” Brickell CEO Robert Brown said in a prepared statement.

Brickell’s Japanese development partner, Kaken Pharmaceutical Co. Ltd. received regulatory approval to manufacture and market sofpironium bromide gel for the treatment of primary axillary hyperhidrosis, a condition that includes excessive sweating.

Brickell also has launched a Phase III clinical trial of sofpironium bromide in the U.S.

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