Australia's Botanix Pharmaceuticals Ltd. closed an oversubscribed placement of shares, raising A$15 million, before costs.
The company, which develops treatments for serious skin diseases, issued 135,777,823 shares priced 11 Australian cents each.
Botanix plans to use proceeds for its key clinical development programs, primarily BTX 1503 in acne. The company said it will use the remaining funds to help develop BTX 1204 in atopic dermatitis and BTX 1308 in psoriasis.
Bell Potter Securities Ltd. and Argonaut Securities Pty Ltd. acted as joint lead managers for the placement, with Vesparum Capital as independent capital markets adviser for Botanix.
