Brickell's Chairman, Charlie Stiefel, former Chairman and CEO of Stiefel Laboratories (acquired by GSK in 2009), led the Offering. Also participating in this round are existing investors, management, and others. The funds from this Offering will be used to support the growth and continued development of Brickell's innovative pipeline.
"There is a significant need for new therapeutics in the field of dermatology and this financing will help us to meet that demand," said Mr. Stiefel. "Brickell is uniquely positioned to identify and rapidly develop novel therapeutics for skin diseases, and we continue to progress the development of our pipeline candidates towards commercialization."
Brickell is also pleased to announce that following the company's IND submission to the FDA in December 2014, it has initiated a randomized, double-blind, vehicle-controlled 180-patient Phase 2b clinical trial in patients with primary axillary hyperhidrosis in which it will compare three concentrations of BBI-4000 (a novel topical soft anticholinergic) to vehicle. Considering the positive results achieved in Brickell's recently completed randomized, double-blind, vehicle-controlled pilot clinical study for BBI-4000, the company is eager to commence this important next step towards the regulatory approval and commercialization of a new potential treatment option for the estimated 8 million people in the U.S. suffering from excessive sweating.
Additionally, Brickell continues to focus its efforts on strengthening the pipeline. To that effect, in January 2015, the company acquired rights to a new molecular entity, BBI-5000, currently in the Phase 1 stage of development. Brickell intends to develop BBI-5000 as a potential once-daily oral treatment for patients with moderate to severe atopic dermatitis, with additional clinical testing to be performed later this year. Concurrently, the company plans to progress the development of BBI-2111, a first-in-class, novel anti-inflammatory compound for the topical treatment of mild to moderate atopic dermatitis. With approximately 3% of the U.S. population and 15-20% of children affected by atopic dermatitis, new treatment alternatives to safely and effectively control this debilitating disease will be welcomed in the marketplace.
"This is an exciting time for our company and the dermatology industry in general," said Reginald Hardy, President of Brickell. "Today's announcement demonstrates our continued momentum in addressing critical unmet needs in the skin care field, and we are confident about the prospects of building Brickell into a leading dermatology company."
About Brickell Biotech
Brickell Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development and commercialization of innovative pharmaceutical products for the treatment of skin diseases. Founded by a team of experienced pharmaceutical executives, Brickell's development strategy includes: rapidly and cost effectively developing product candidates; executing strategic partnerships; maintaining a diversified product portfolio that addresses unmet medical needs; and leveraging professional relationships with thought leaders and contract research organizations in the pharmaceutical industry. For more information, visit www.brickellbio.com.