Botanix Pharmaceuticals Secures AU$70 Million in Institutional Placement to Fund Sofdra Launch

Botanix Pharmaceuticals Limited (ASX: BOT) has secured commitments for AU$70 million through an institutional placement to fund the launch of Sofdra, a gel for treating primary axillary hyperhidrosis (excessive underarm sweating). The placement will provide the necessary capital for sales and marketing, manufacturing, and support costs, as well as working capital and placement costs.

 The placement follows the FDA approval of Sofdra for treating primary axillary hyperhidrosis in adults and children aged 9 and above. The Issue price of AU$0.30 per share represents a 2.8% premium to the 30-day VWAP and a 10.4% discount to the company’s last traded price before the trading halt. The placement is not underwritten and is expected to provide the necessary resources for Botanix to launch Sofdra successfully in the United States.

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