Miami-based Brickell Biotech grabbed $7 million in a new venture round led by a South Korean cosmetics company to back its work on new chemical entities for dermatology.
Brickell is run by Reginald Hardy, the former chief at Concordia Pharmaceuticals who out-licensed a Phase II cancer drug to Samuel Waksal's Kadmon last year. The team at Brickell lured in the venture arm of the cosmetics group AmorePacific along with Palisade Concentrated Equity Partnership II, L.P., and other investors.
Brickell's big idea is pushing the fast-paced development of new treatments for acne, atopic dermatitis and hyperhidrosis, better known as excessive sweating. That may not represent the kind of unmet medical need as, say, advanced cancer, but several developers like Allergan ($AGN) have staked out sizable markets for new products in this field. According to the company's website, the biotech in-licensed BBI-4000 for hyperhidrosis late last year.
"Most companies in the dermatology space have focused on reformulating available products, leaving a void of new breakthrough technologies to treat many highly prevalent skin conditions," said R&D chief David Angulo in a release. "That's where Brickell comes in. We are committed to--and experienced in--efficiently developing a portfolio of novel and viable treatment alternatives that will be welcomed in the marketplace."
- here's the press release