Botanix Pharmaceuticals Ltd. raised A$38.2 million in gross proceeds from a private placement of shares against the total commitment of A$40 million by investment funds and institutional investors.
The Perth, Australia-based biotechnology company issued 181,976,191 shares at 21 Australian cents apiece.
The company said it is waiting to receive the remaining A$1.8 million from a U.S. investor and will issue the remaining shares after funds are cleared.
Botanix will use the funds for developing clinical programs and commercialization activities. Proceeds will also be used for general working capital purposes.
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.