Botanix Pharmaceuticals raised $13.5 million through an institutional placement, with 103,846,154 new fully paid ordinary shares issued at 13 cents per share.
Funds will be utilised for Sofdra's commercial launch preparation in the US, covering associated costs and general working capital.
The final component required for Food and Drug Administration approval of Sofdra is scheduled for submission in the early first quarter of 2024, with FDA approval targeted for mid-2024.
Capital raised will expedite engagement with US payers, accelerate launch preparations, and reduce the post-approval timeline for revenue generation.