Argonaut has acted as Lead Manager to Botanix Pharmaceuticals Ltd (ASX: BOT) (“Botanix”) in its oversubscribed placement of A$7.4 million to new and existing institutional and sophisticated investors.
The funds raised under the placement provides financial capacity for Botanix to execute on its strategy to advance the clinical development of Botanix’s dermatology products, BTX1503 and BTX1204, and to pursue the strategy of commercialising the Permetrex TM technology. The Phase 1A trial of BTX1503 is schedule to commence soon and the company expects to fast-track the clinical development of BTX 1204 which is a topical treatment for moderate to severe atopic dermatitis.
Botanix’s Executive Director, Matthew Callahan said: “The overwhelming support for the Placement is a clear vote of confidence from the institutional and sophisticated investment community in relation to Botanix’s business strategy, speed of clinical development and unique focus on using synthetically derived cannabidiol and the PermetrexTM delivery technology in the novel treatment of dermatology conditions.
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 provide ongoing support to Botanix and looks forward to working with the Company to continue to create further value for stakeholders.
Additional information regarding Botanix can be found on the company’s website at www.botanixpharma.com.