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- Botanix Pharmaceuticals (BOT) has released its September quarterly report, showing the company ended the period with a strong $22.1 million in the bank
- That’s enough cash to keep Botanix going for 8.6 quarters if its operational spend rate remains steady
- In terms of activities, the company reported progress in its BTX 1801 treatment, with data showing the compound effectively kills superbugs
- Botanix also significantly progressed its BTX 1503 acne program after holding a positive meeting with the FDA
- Shares in Botanix are trading up 15 per cent at 11.5 cents each
Cannabinoid company Botanix Pharmaceuticals (BOT) has released its latest quarterly report, showing it had a strong $22.1 million in the bank at the end of September.
The company said that’s enough cash to keep it going for 8.6 quarters, if its current operational spend rate, which totalled $2.56 million this quarter, remains steady.
Along with the cash balance, Botanix revealed it spent over $2.2 million on research and development in the September quarter as the company advanced several of its BTX treatments.
One of the biggest developments occurred in July, when the company held a successful meeting with the U.S. Food and Drug Administration to discuss BTX 1503 — Botanix’s acne gel.
The FDA allowed several study waivers normally required for dermatology drug registration, highlighting the safety of BTX 1503.
The company is now reviewing the timeline for a phase three study on the acne treatment, stating it will begin once COVID-19 restrictions ease and when its BTX 1702 rosacea program commences.
The BTX 1702 phase 2b study has also been delayed by the coronavirus and is poised to commence recruitment once travel and clinical trial conduct restrictions are eased across Australia and New Zealand.
Finally, Botanix also provided an update on its BTX 1801 formulation — which works to treat and prevent surgical site infections — announcing recent data supported its ability to kill superbugs.
The company commenced recruitment for its BTX 1801 phase 2a clinical study in August, with the study expected to wrap up by the end of the year at which point results will be made available to shareholders.
Shares in Botanix Pharmaceuticals are currently trading up 15 per cent at 11.5 cents each at 1:40 PM AEDT.
