Australia-based Botanix Pharmaceuticals Ltd. has received financial commitments for placement of A$40 million, led by specialist U.S.-based biotech investment funds and institutional investors.
Upon completion of the placement, Botanix will issue 190,476,191 shares at 21 Australian cents, a 16.7% discounted offer price from the previous 15-day volume-weighted average price of 25.2 cents to trading close July 29.
Cowen and Co. LLC acted as lead placement agent, while the Australian portion of the placement was jointly managed by Argonaut Securities Pty. Ltd. and Bell Potter Securities Ltd.
Separately, the clinical-stage pharmaceutical company, which produces therapies for serious skin diseases, appointed Richard Peterson as CFO and Howie McKibbon as chief commercial officer to strengthen the executive management team.
Peterson previously worked as CFO at Dermavant Sciences, while McKibbon was recently a senior vice president at Dermavant.
As of July 31, US$1 was equivalent to A$1.45