ASX-listed Botanix Pharmaceuticals soars on buying rights to dermatology drug

Fresh Tracks Therapeutics

04/05/2022 04:46

** Shares of U.S.-based Botanix Pharmaceuticals  BOT.AX 
leap as much as 19.5% to A$0.092, their best intraday session
since July 1, 2021 
    ** Says it has bought assets related to Sofpironium Bromide,
a chemical developed to treat primary axillary hyperhidrosis, a
medical condition which results in excessive underarm sweating
 urn:newsml:reuters.com:*:nASXbGrB7v 
    ** Drug has already been approved by Japan's pharmaceutical
regulator, anticipates U.S. FDA approval by 2H2023 
    ** Botanix has bought the assets from Brickell Biotech Inc
 BBI.O , which includes its interest in a license for the
chemical from the patentee 
    ** Botanix will be responsible for future development of the
drug, including getting the necessary regulatory approvals 
    ** Botanix to pay $3 mln upfront for the assets, apart from
several million in milestone payments upon the receipt of
certain approvals 
    ** Stock hits highest level since April 5 
    ** BOT up 37.5% YTD, as of last close 
    


 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))