Botanix makes ASX debut

15/07/2016 - 13:52

Bookmark

Save articles for future reference.

Medical dermatology company Botanix Pharmaceuticals has enjoyed healthy gains on its first day of trading on the ASX, after completing a reverse takeover of Bone Medical.

Botanix executive director Matthew Callahan.

Medical dermatology company Botanix Pharmaceuticals has enjoyed healthy gains on its first day of trading on the ASX, after completing a reverse takeover of Bone Medical.

Botanix has operations in the US but is led by Perth-based chairman Graham Griffiths and executive diretcor Matt Callahan, who previously worked togeher at listed company ipernica (now nearmap).

Ahead of its relisting, Botanix completed a $3.5 million capital raising at 2 cents a share (managed by Argonaut) as part of its acquisition of Bone Medical.

Its shares were worth 3.3 cents each at 1.45pm.

The company develops prescription products for skin diseases including acne, psoriasis, and atopic dermatitis.

It has also licensed a novel drug delivery technology called Permetrex, which is designed to deliver pharmaceuticals into the skin more effectively than other approaches.

“Given that acne is the most common skin disease in the world and that our lead product under development is a topically applied gel intended to treat serious acne, our first product targeting moderate to severe acne presents a compelling investment opportunity in a space where there has been little innovation for a decade,” Mr Callahan said.

Human trials on the product are targeted for the first quarter of next year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options