BOT has executed a supply agreement for cannabidiol API’s with Purisys for its ongoing clinical programs and planned commercial scale-up once FDA approval has been secured. Purisys was recently spun out of Noramco and the company is a world leader in the manufacture of cannabidiol APIs. We expect BOT to announce the read-out from its BTX 1503 phase 2 acne results by the end of the month. BOT is well funded thanks to a $40m placement to several US Biotech funds and US institutional investors. We maintain our SPEC BUY recommendation and $0.29 price target.
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