BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) is preparing to sell up to $50 million in new stock sales to fund it through two pivotal Phase III trials for its flagship drug.
The Boulder pharmaceutical company posted revenues of just $27,000 in the final quarter of 2020 from royalties garnered from sales of its co-developed overactive underarm-sweating treatment in Japan. It also posted a net loss of $7.4 million for the quarter.
For all of 2020, the company had revenues of $1.8 million, mostly from collaboration fees paid out by its Japanese development partner Kaken Pharmaceutical Co. Ltd. Its total loss for the year was $20.9 million.
The company had $30.1 million in cash and equivalents on hand at the end of the year, which it expects will sustain it through two Phase III studies of its anti-sweating treatment. Those studies are expected to produce top-line data in the final quarter of 2021, potentially setting up the treatment to go in front of federal drug regulators for commercial approval next year.
In a separate filing with the U.S. Securities and Exchange Commission, Brickell said it had reached an agreement with two investment banks to sell up to $50 million in new stock on demand to investors at market prices. If issued at the company’s opening price of $1.05 per share as of Wednesday morning, it could add just less than 47.62 million to its 66.93 million shares outstanding.
BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) is preparing to sell up to $50 million in new stock sales to fund it through two pivotal Phase III trials for its flagship drug.
The Boulder pharmaceutical company posted revenues of just $27,000 in the final quarter of 2020 from royalties garnered from sales of its co-developed overactive underarm-sweating treatment in Japan. It also posted a net loss of $7.4 million for the quarter.
For all of 2020, the company had revenues of $1.8 million, mostly from collaboration fees paid out by its Japanese development partner Kaken Pharmaceutical Co. Ltd. Its total loss for the year was $20.9 million.
The company had $30.1 million in cash and equivalents on hand at the end of the year, which it expects will sustain it through two Phase III studies of its anti-sweating treatment. Those studies are expected to produce top-line data in the final quarter of 2021, potentially setting up the treatment to go in front of federal drug regulators for commercial approval next year.
In a separate filing with the U.S. Securities and Exchange Commission, Brickell said it had reached an agreement with two investment banks to sell up to $50 million in new stock on demand to investors at market prices. If issued at the company’s opening price of $1.05 per share as of Wednesday morning, it could add just less than 47.62 million to its 66.93 million shares outstanding.
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