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Brickell Biotech, Inc. (BBI) is a clinical-stage pharmaceutical company dedicated to developing innovative and differentiated prescription therapeutics for debilitating skin diseases. With a primary focus on its lead asset, sofpironium bromide, Brickell is targeting the treatment of hyperhidrosis, a condition characterized by excessive sweating.
Brickell's executive management team and board of directors are seasoned professionals with significant experience in product development and global commercialization. They have previously held leadership roles at major pharmaceutical companies, contributing to the development and launch of successful products such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta®, and Juvederm®.
Brickell's strategic approach involves leveraging its team's vast experience to in-license, acquire, develop, and commercialize distinctive pharmaceutical products. The company aims to address unmet patient needs and bring transformative solutions to the market.
Recent updates indicate that Brickell is strengthening its cash position while exploring strategic options to maximize shareholder value. Additionally, the company plans to make cash distributions to shareholders, estimated to range between $5 million and $7 million, or $0.84 to $1.17 per share, pending shareholder approval and the filing of the certificate of dissolution.
Fresh Tracks Therapeutics reported positive topline results from the Phase 1 study of FRTX-02, a potential first-in-class oral treatment for atopic dermatitis and autoimmune diseases. The company raised $6.6 million through an at-the-market program in March 2023, enhancing liquidity. For 2022, revenue increased to $6.9 million from $0.4 million in 2021, driven by contract revenue from an asset sale agreement with Botanix. R&D expenses decreased significantly to $14.0 million from $28.2 million, supporting a path toward strategic options aimed at maximizing shareholder value. The net loss shrank to $21.1 million in 2022 from $39.5 million in 2021.
Fresh Tracks Therapeutics announced positive topline results from its Phase 1 clinical trial for FRTX-02, a potential first-in-class treatment for autoimmune diseases. The trial demonstrated that FRTX-02 was generally safe and well-tolerated, supporting its potential as a once-daily oral therapy. Key findings included dose-proportional pharmacokinetics and significant reductions in disease-relevant cytokines, indicating its efficacy in modulating immune responses. The company plans to explore strategic options to enhance shareholder value while advancing development of its innovative therapeutic pipeline.
Fresh Tracks Therapeutics has appointed Andrew Sklawer as the new CEO, effective February 1, 2023, succeeding Rob Brown, who is retiring after leading the company since 2019. Sklawer, a co-founder, will continue to advance the company’s innovative therapeutics targeting autoimmune and inflammatory diseases, with key milestones expected from the ongoing FRTX-02 clinical study.
Brown will remain on the Board of Directors and serve as a special advisor. Reginald Hardy, Chairman, emphasized Sklawer's instrumental role in shaping the company's strategic direction and enhancing shareholder value.
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