Clinical dermatology leader Botanix Pharmaceuticals (ASX:BOT) has secured firm commitments to raise approximately $45 million in new capital.
The funding initiative, comprised of a $40 million two-tranche placement and a $5 million underwritten security purchase plan, marks a significant milestone in the company’s commercial trajectory.
The placement saw robust demand from a diverse group of new and existing international and institutional investors, with shares priced at $0.06 per new share.
The capital injection is primarily earmarked for the acquisition of Active Pharmaceutical Ingredients and manufacturing components essential for the continued commercial rollout of Sofdra.
Beyond raw materials, the proceeds will support alternate supplier setups, aggressive advertising and marketing campaigns, and general working capital.
Botanix directors and the CEO have personally committed approximately $500,000 to the raise.
At the time of reporting, Botanix Pharmaceuticals’ share price was $0.070.