Botanix Pharmaceuticals (ASX:BOT) has secured $10M through an institutional placement to launch its Sofpironium Bromide gel.
The funds will be used to progress Botanix's lead programme, including satisfying milestone payments and preparing for commercial launch in the US.
The placement comes after a recent mid-cycle review meeting, paving the way for Food and Drug Administration review and commercial readiness.
The clinical stage synthetic cannabinoid company, focusing on the compound Cannabidiol's share price closed up 5% today.