Brickell Biotech plunges on $10 mln share offering

Fresh Tracks Therapeutics

28/10/2021 13:17

** Brickell Biotech Inc  BBI.O  shares down nearly 30%
premarket after follow-on prices
    ** BBI sells 26.3 mln shares at 38 cents, 30% discount to
stock's last close, raises $10 mln  urn:newsml:reuters.com:*:nGNXc1JS32
    ** Co to use net offering proceeds for R&D, including
clinical trials, working capital, business development
    ** BBI has ~85.9 mln shares outstanding, per Refinitiv data
    ** William Blair and Oppenheimer jt bookrunners for offering
    ** Earlier this month, BBI reported positive data from two
late-stage studies for its treatment of primary axillary
hyperhidrosis or excessive underarm sweating  urn:newsml:reuters.com:*:nL4N2R3223
    ** Shares have lost 31% YTD
    ** About 1.9 mln shares have traded before the bell,
exceeding 30-day avg volume of ~1.8 mln, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))