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Brickell Biotech Inc. (Nasdaq: BBI) reported higher second-quarter revenue, largely on the strength of a recent asset-purchase agreement.

Brickell recorded revenue of $4.3 million, compared with $200,000 in the second quarter of 2021. Most of that — $3 million — came from an upfront payment from Botanix SB, a subsidiary of Botanix Pharmaceuticals Ltd., which acquired all of Brickell’s rights and assets to sofpironium bromide, a potential treatment for primary axillary hyperhidrosis, or excessive underarm sweating. Brickell was on track to submit a New Drug Application to the U.S. Food and Drug Administration for sofpironium bromide gel in mid-2022.

Brickell will receive upfront and near-term regulatory milestone payments of up to $9 million from Botanix, with additional success-based regulatory and sales milestone payments of up to $168 million.

Brickell’s net loss for the second quarter totaled $1 million, down from $11.1 million in the same period a year ago.

The company in July effected a 1-for-45 reverse stock split to regain compliance with the Nasdaq Capital Market for minimum stock price. Brickell’s stock closed Thursday at $3.27.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.

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