Brickell Biotech Inc. (Nasdaq: BBI) said its research partner has applied to sell the company’s flagship drug candidate in Japan after settling a wide-ranging intellectual-property lawsuit earlier this year.
In its earnings report Wednesday, the Boulder dermatology company posted a quarterly loss of $1.38 per share and had $11.7 million in cash and equivalents on hand. It has yet to receive U.S. Food and Drug Administration approval to sell any of its drug candidates.
Brickell and Japanese collaborator Kraken Pharmaceutical Co. Ltd. said it had positive Phase III data in Japanese trials for sofpironium bromide, a treatment for excessive sweating. The data was supposed to be presented during an American Academy of Dermatology meeting in Denver later this month, but the conference was cancelled due to ongoing efforts to prevent the spread of the COVID-19 virus.
Kraken has applied for permission to sell the drug in Japan.
Brickell was sued by collaborator Bodor Laboratories Inc. late last year and was accused of a slew of intellectual-property violations. It settled with Bodor in February for $1 million in cash and an undisclosed amount of stock and royalty payments and secured $30 million over the next three years via stock-option sales.
Brickell stock fell 10.9 percent during Wednesday trading to $1.14 per share, more than the 6.3 percent loss in the Dow Jones Industrial Average in the same period.
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