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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.

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Fresh Tracks Therapeutics, Inc. (Nasdaq: FRTX) has adjourned its special meeting of stockholders to December 15, 2023, to seek approval for liquidation and dissolution. If not approved, the company intends to seek judicial dissolution, potentially reducing cash distributable to stockholders.
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Fresh Tracks Therapeutics, Inc. (Nasdaq: FRTX) Announces Adjournment of Special Meeting and Urges Stockholders to Vote on Liquidation and Dissolution Plan
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Fresh Tracks Therapeutics, Inc. (Nasdaq: FRTX) announced a plan of liquidation and dissolution after a strategic evaluation process. The company aims to distribute between $5 million and $7 million, or $0.84 to $1.17 per share, to stockholders if the dissolution is approved at the special meeting on November 16, 2023.
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Fresh Tracks Therapeutics, Inc. plans to distribute cash to shareholders between $5 million and $7 million, or $0.84 to $1.17 per share, following shareholder approval and the filing of the certificate of dissolution. The company is discontinuing all clinical and preclinical development programs and reducing its workforce, except for certain employees involved in the dissolution process. The board of directors unanimously concluded that dissolving and liquidating the company is in the best interests of shareholders. The company intends to hold a special meeting of shareholders in Q4 2023 to seek approval for the liquidation and dissolution.
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Fresh Tracks Therapeutics strengthens cash position by selling rights to future milestone and earnout payments to Botanix SB Inc. for $8.25 million. The agreement is seen as a win-win deal and provides non-equity-dilutive capital. Fresh Tracks continues to evaluate strategic options to maximize shareholder value.
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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.

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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.

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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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FAQ

What is the market cap of BBI (BBI)?

The market cap of BBI (BBI) is approximately 6.8M.

What does Brickell Biotech, Inc. specialize in?

Brickell Biotech, Inc. specializes in developing innovative prescription therapeutics for debilitating skin diseases, with a focus on hyperhidrosis.

What is Brickell Biotech, Inc.'s lead asset?

Brickell's lead asset is sofpironium bromide, aimed at treating hyperhidrosis.

Who are the key members of Brickell Biotech's leadership team?

Brickell's executive management team and board of directors consist of experienced professionals who have held leadership roles at major pharmaceutical companies.

What is the company's strategy for growth?

Brickell aims to leverage its team's experience to in-license, acquire, develop, and commercialize innovative pharmaceutical products to meet unmet patient needs.

Has Brickell Biotech recently made any significant financial moves?

Yes, Brickell has strengthened its cash position and is evaluating strategic options to maximize shareholder value.

What are the planned cash distributions to shareholders?

The company intends to distribute between $5 million and $7 million, approximately $0.84 to $1.17 per share, pending shareholder approval and the filing of the certificate of dissolution.

What notable products have Brickell's leadership previously worked on?

They have contributed to products like Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta®, and Juvederm®.

What are Brickell Biotech's recent achievements?

Recent achievements include strengthening their cash position and planning cash distributions to shareholders.

What are the focus areas for Brickell's R&D efforts?

Brickell focuses on developing therapeutics for debilitating skin diseases, particularly targeting hyperhidrosis.

How does Brickell Biotech plan to transform patient care?

By developing innovative and differentiated pharmaceutical products that address currently unmet patient needs.

BBI

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6.75M
Biological Product (except Diagnostic) Manufacturing
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