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.
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.