Argonaut has acted as Lead Manager and Corporate Advisor to Bone Medical Limited (ASX: BNE) (“Bone”) in its recent acquisition of Botanix Pharmaceuticals, Inc and subsequent oversubscribed capital raising of A$3.5 million by issue of 175,000,000 new ordinary shares at $0.02 per share.
Botanix Pharmaceuticals is a company in the medical dermatology sector developing prescription treatments for serious skin diseases, including acne, psoriasis and atopic dermatitis. Botanix Pharmaceuticals' lead product under development (BTX1503) is a topically applied gel for the treatment of serious acne, based on a new pharmaceutical ingredient that is understood to work in four unique ways – it reduces excessive production of oils, inhibits over-proliferation of oil producing cells, inhibits bacteria and provides a new anti-inflammatory effect.
The Company has subsequently changed its name from Bone Medical Limited to Botanix Pharmaceuticals limited (ASX: BOT) (“Botanix”).
Botanix Pharmaceutical’s Executive Director, Matthew Callahan said: “Investor interest in our transaction reflects the confidence in the Botanix program and management’s plans to accelerate initial in-human trials and shorten the product development cycle. We thank all the investors who have supported Botanix.”
Argonaut is delighted to have advised Bone/Botanix and looks forward to working with the Company in the future to create further value for stakeholders.
Additional information regarding Bone/Botanix can be found on the company’s website at www.botanixpharma.com.