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Brickell Biotech, Inc. (BBI)

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Previous Close1.0600
Open1.0500
Bid0.0000 x 1200
Ask0.0000 x 1400
Day's Range0.9528 - 1.0500
52 Week Range0.4700 - 2.6100
Volume2,341,860
Avg. Volume3,505,296
Market Cap64.922M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-3.1670
Earnings DateMar 09, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Brickell Biotech Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Corporate Update
    GlobeNewswire

    Brickell Biotech Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Corporate Update

    Initiated U.S. pivotal Phase 3 clinical program (Cardigan I and II studies) evaluating sofpironium bromide gel, 15% for the treatment of primary axillary (underarm) hyperhidrosis Cardigan I study exceeds 50% enrollment with topline results from both studies anticipated in the fourth quarter of 2021Commercial launch of sofpironium bromide gel, 5% (ECCLOCK®) underway in Japan by development partner, Kaken Pharmaceutical Co., Ltd. (Kaken) BOULDER, Colo., March 09, 2021 (GLOBE NEWSWIRE) -- Brickell Biotech, Inc. (“Brickell” or the “Company”) (Nasdaq: BBI), a clinical-stage pharmaceutical company focused on developing innovative and differentiated prescription therapeutics for the treatment of debilitating skin diseases, today announced financial results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update. “Over the last several months, we achieved a number of important milestones – including the initiation of the U.S. pivotal Phase 3 clinical program – that have enabled us to continue developing sofpironium bromide as a potential best-in-class treatment option for the more than 10 million people in the U.S. suffering with primary axillary hyperhidrosis,” commented Robert Brown, Chief Executive Officer of Brickell. “This momentum is carrying over into 2021, as we have already exceeded 50% enrollment for the Cardigan I study and remain on track to announce topline data from both the Cardigan I and II studies by the end of the year. If successful, we expect the data from these studies to form the basis of an NDA submission to the FDA.” Mr. Brown continued, “In addition to the great progress we’ve made in the last quarter at Brickell, our Japanese development partner, Kaken, was successful in executing its clinical development program for ECCLOCK®. This progress is highlighted by the approval, placement on Japan’s National Health Insurance reimbursement price list, and recent commercial launch of ECCLOCK® in Japan. Of note, Japan is the first country to approve sofpironium bromide, which also represents the first topical prescription product to be marketed for the treatment of primary axillary hyperhidrosis in the country. Kaken has proven to be a valuable partner, and we look forward to seeing the ramp up of their commercialization program for ECCLOCK®, which will provide Brickell with royalties and potential sales-based milestone payments per our sublicense agreement.” Business and Recent Developments Completed an equity financing in October 2020 resulting in net proceeds of approximately $13.7 million that strengthened the Company’s balance sheet and is expected to fully fund its operations through topline results of the U.S. pivotal Phase 3 program for sofpironium bromide gel, 15%. In addition, recent aggregate net proceeds of $10.5 million from warrant exercises and sales of shares under a previously filed At-The-Market (“ATM”) Equity Offering Program have further strengthened the Company’s financial position.Initiated enrollment in the U.S. Phase 3 Cardigan I (October 2020) and Cardigan II (December 2020) studies evaluating sofpironium bromide gel, 15% in approximately 350 subjects (per study) aged nine and older with primary axillary hyperhidrosis.Exceeded 50% enrollment for the Cardigan I study, and all investigational sites are activated and enrollment is underway for the Cardigan II study.Kaken launched ECCLOCK® in Japan for the once-daily treatment of primary axillary hyperhidrosis in November 2020.Efficacy and safety results from the Japan pivotal Phase 3 study conducted by Kaken were published in the peer-reviewed Journal of Dermatology1.AnGes, Inc. completed a Phase 1/2 study with its investigational COVID-19 vaccine candidate and initiated a Phase 2/3 study in Japan. If the development process continues, a larger Phase 3 registration study will be required for any approval. Upcoming Milestones On track to complete enrollment for the Cardigan I and II pivotal studies by end of third quarter of 2021.Expect to report topline data from the Cardigan I and II pivotal studies in the fourth quarter of 2021.Hosting a KOL webinar event on March 26th highlighting hyperhidrosis disease insights and market opportunity. Financial Results Fourth Quarter 2020 Financial Results The Company reported cash and cash equivalents and marketable securities of $30.1 million as of December 31, 2020, compared to $11.7 million as of December 31, 2019. In addition, as of December 31, 2020, Brickell had $2.3 million in prepaids to third-party clinical research organizations as part of conducting its U.S. pivotal Phase 3 clinical trials of sofpironium bromide gel, 15%. During the fourth quarter of 2020, the Company completed a public equity offering resulting in net proceeds of approximately $13.7 million. Subsequent to the end of the fourth quarter, the Company received aggregate net proceeds of $10.5 million from warrant exercises and sales of shares under a previously filed ATM Equity Offering Program. Revenue was approximately $27 thousand for the fourth quarter of 2020, compared to $0.7 million for the fourth quarter of 2019. Revenue in 2020 was driven by royalty income from sales of ECCLOCK® in Japan by Kaken, while revenue in 2019 was driven by collaboration revenue recognized for research and development activities related to a license agreement with Kaken pursuant to which Kaken provided research and development funding to Brickell. The decrease in revenue recognized was attributable to Brickell’s Phase 3 open-label long-term safety study of sofpironium bromide gel and other ancillary clinical studies that were ongoing in 2019 but were concluded or winding down by the end of the first quarter of 2020. Conducting these studies was the basis for revenue recognition over time, through the third quarter of 2020, of a $15.6 million research and development payment received from Kaken in the second quarter of 2018. In late 2020, Brickell began recognizing royalty revenue earned on a percentage of net sales of sofpironium bromide in Japan in the fourth quarter. Research and development expenses were $4.6 million for the fourth quarter of 2020, compared to $6.6 million for the fourth quarter of 2019. This decrease was primarily due to reduced clinical and other related regulatory and compliance costs of the Phase 3 open-label long-term safety study of sofpironium bromide gel and other ancillary clinical studies that were concluded or winding down by the end of the first quarter of 2020. Brickell began incurring greater research and development costs upon the initiation of its Phase 3 Cardigan Studies in the fourth quarter of 2020. General and administrative expenses were $2.9 million for the fourth quarter of 2020, compared to $4.9 million for the fourth quarter of 2019. This decrease was primarily due to lower costs of $1.4 million for professional-related fees associated with the merger with Vical Incorporated that occurred in the third quarter of 2019 as well as reduced impairment expense of $0.8 million and other miscellaneous expenses of $0.4 million, partially offset by higher costs of $0.6 million for compensation-related expense. Brickell’s net loss was $7.4 million for the fourth quarter of 2020 compared to $10.9 million for the fourth quarter of 2019. Full Year 2020 Financial Results Revenue was $1.8 million for the year ended December 31, 2020, compared to $7.9 million for the year ended December 31, 2019. Revenue in both periods was driven primarily by collaboration revenue recognized for research and development activities related to a license agreement with Kaken for which Kaken provided research and development funding to Brickell. The decrease in revenue recognized was attributable to Brickell’s Phase 3 open-label long-term safety study of sofpironium bromide gel and other ancillary clinical studies that were ongoing in 2019 but were concluded or winding down by the end of the first quarter of 2020. Conducting these studies was the basis for revenue recognition over time, through the third quarter of 2020, of a $15.6 million research and development payment received from Kaken in the second quarter of 2018. In late 2020, Brickell began recognizing royalty revenue earned on a percentage of net sales of sofpironium bromide in Japan, which amounted to approximately $27 thousand in the fourth quarter. Research and development expenses were $11.2 million for the year ended December 31, 2020, compared to $20.2 million for the year ended December 31, 2019, which was driven primarily by a decrease in clinical and other related regulatory and compliance costs related to sofpironium bromide. The Company’s Phase 3, open-label, long-term safety study of sofpironium bromide gel and other ancillary clinical studies were ongoing in 2019 but were concluded or winding down by the end of the first quarter of 2020. Brickell began incurring greater research and development costs upon the initiation of its Phase 3 Cardigan Studies in the fourth quarter of 2020. General and administrative expenses were $11.6 million for the year ended December 31, 2020, compared to $12.2 million for the year ended December 31, 2019. This decrease was primarily due to reduced professional fees of $1.8 million resulting from legal and other fees incurred in 2019 related to the merger with Vical that did not recur in 2020, as well as reduced impairment expense of $0.8 million in 2020 compared to 2019. These reduced expenses were partially offset by higher costs in 2020 of $2.0 million for compensation-related expense and $0.8 million for directors’ and officers’ liability insurance due to becoming a public company. Total other income, net was $0.1 million for the year ended December 31, 2020, compared to $0.6 million for the year ended December 31, 2019. The decrease of $0.5 million was primarily due to a gain of $2.3 million related to the conversion of the convertible promissory notes in August 2019 and a gain of $0.2 million resulting from fair value adjustments to warrant liabilities during the year ended December 31, 2019, both of which did not recur in 2020. These gains were partially offset by a decrease of $2.1 million in interest expense related to the issuance of convertible promissory notes in 2019 and principal borrowings provided by a loan agreement with a former lender. Brickell’s net loss was $20.9 million for the year ended December 31, 2020, compared to $23.9 million for the year ended December 31, 2019. Conference Call and Webcast Information Brickell’s management will host a conference call today at 4:30 p.m. ET to discuss the financial results and recent corporate developments. The dial-in number for the conference call is 1-877-705-6003 for domestic participants and 1-201-493-6725 for international participants, with Conference ID #13715394. A live webcast of the conference call can be accessed through the “Investors” tab on the Brickell Biotech website at https://www.brickellbio.com. A replay will be available on this website shortly after conclusion of the event for 90 days. About Sofpironium Bromide Sofpironium bromide is Brickell’s lead investigational product candidate and is a new chemical entity that belongs to a class of medications called anticholinergics. Anticholinergics block the action of acetylcholine, a chemical that transmits signals within the nervous system that are responsible for a range of bodily functions, including activation of the sweat glands. Sofpironium bromide was retrometabolically designed. Retrometabolic drugs are intended to exert their action locally and are potentially rapidly metabolized into a less active metabolite once absorbed into the blood. Sofpironium bromide was discovered at Bodor Laboratories, Inc. by Dr. Nicholas Bodor D.Sc., d.h.c. (multi), HoF, Graduate Research Professor Emeritus, University of Florida. About Hyperhidrosis Hyperhidrosis is a debilitating, life-altering medical condition where a person sweats beyond what is physiologically required for thermoregulation of the body. More than 15 million people, or 4.8% of the population of the United States, and 12.76% of the population in Japan, are believed to suffer from hyperhidrosis2,3. Primary axillary (underarm) hyperhidrosis is the targeted first indication for sofpironium bromide and is the most common site of occurrence of hyperhidrosis, affecting an estimated 65% of patients with hyperhidrosis in the United States. Additional information can be found on the International Hyperhidrosis Society website: https://www.sweathelp.org/. About Brickell Brickell Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of innovative and differentiated prescription therapeutics for debilitating skin diseases with a focus on its lead asset sofpironium bromide for the treatment of hyperhidrosis. Brickell’s executive management team and board of directors bring extensive experience in product development and global commercialization, having served in leadership roles at large global pharmaceutical companies and biotechs that have developed and/or launched successful products, including several that were first-in-class and/or achieved iconic status, such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta® and Juvederm®. Brickell’s strategy is to leverage this experience to in-license, acquire, develop and commercialize innovative and differentiated pharmaceutical products that Brickell believes can be successful in the marketplace and transform lives by solving currently unmet patient needs. For more information, visit https://www.brickellbio.com. Cautionary Note Regarding Forward-Looking Statements Any statements made in this press release relating to future financial, business and/or research and clinical performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, the anticipated timing, scope, design and/or results of ongoing and future clinical trials, intellectual property rights, including the validity, term and enforceability of such, the expected timing and/or results of regulatory approvals and prospects for commercializing any of Brickell’s product candidates, or research collaborations with its partners, including in Japan, the United States or any other country, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “look forward” and similar expressions and their variants, as they relate to Brickell, Kaken, AnGes or any of Brickell’s partners, may identify forward-looking statements. Brickell cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including without limitation, ability to obtain adequate financing to advance product development, ability to maintain and enforce intellectual property rights, potential delays for any reason in product development and clinical trial enrollment, regulatory changes, supply chain disruptions, unanticipated demands on cash resources, any disruption to its business caused by the current COVID-19 pandemic, interruptions, disruption or inability by Kaken to supply and commercialize the product in Japan, or obtain or retain adequate pricing or reimbursement, and other risks associated with developing and obtaining regulatory approval for and commercializing product candidates. Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in Brickell’s filings with the United States Securities and Exchange Commission (SEC), which are available at https://www.sec.gov (or at https://www.brickellbio.com). The forward-looking statements represent the estimates of Brickell as of the date hereof only, and Brickell specifically disclaims any duty or obligation to update forward-looking statements. ____________________1 The Journal of Dermatology is the official peer-reviewed publication of the Japanese Dermatological Association and the Asian Dermatological Association.2 Doolittle et al. Hyperhidrosis: an update on prevalence and severity in the United States. Arch Dermatol Res 2016; 308: 743-749.3 Fujimoto et al. Epidemiological study and considerations of focal hyperhidrosis in Japan. J Dermatol 2013; 40: 886-90. Brickell Investor Contact:Dan FerryLifeSci Advisors(617) 430-7576daniel@lifesciadvisors.com Brickell Biotech, Inc.Condensed Consolidated Statements of Operations(in thousands, except share and per share data)(unaudited) Three Months EndedDecember 31, Year EndedDecember 31, 2020 2019 2020 2019Revenue Collaboration revenue$— $669 $1,795 $7,917 Royalty revenue27 — 27 — Total revenue27 669 1,822 7,917 Operating expenses: Research and development4,559 6,629 11,216 20,214 General and administrative2,869 4,881 11,582 12,171 Total operating expenses7,428 11,510 22,798 32,385 Loss from operations(7,401) (10,841) (20,976) (24,468)Investment and other income, net36 93 63 157 Gain on extinguishment— — — 2,318 Interest expense— (114) — (2,096)Change in fair value of warrant and derivative liability— — — 212 Net loss(7,365) (10,862) (20,913) (23,877)Reduction of redeemable convertible preferred stock to redemption value— — — 10,274 Net loss attributable to common stockholders$(7,365) $(10,862) $(20,913) $(13,603)Net loss per common share attributable to common stockholders, basic and diluted$(0.15) $(1.38) $(0.85) $(4.50)Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted48,454,350 7,890,823 24,514,157 3,023,023 Brickell Biotech, Inc.Selected Financial InformationCondensed Consolidated Balance Sheet Data(amounts in thousands)(unaudited) December 31, 2020 2019Cash and cash equivalents$30,115 $7,232Marketable securities, available-for-sale— 4,497Prepaid expenses and other current assets3,415 6,240Total assets33,634 18,144Total liabilities6,499 10,570Total stockholders’ equity27,135 7,574

  • ACCESSWIRE

    Brickell Biotech Inc to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / March 9, 2021 / Brickell Biotech Inc (NASDAQ:BBI) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on March 9, 2021 at 4:30 PM Eastern Time.To listen to the event live or access a replay of the call - visit https://www.

  • Brickell Biotech To Host Key Opinion Leader Webinar on the Hyperhidrosis Market
    GlobeNewswire

    Brickell Biotech To Host Key Opinion Leader Webinar on the Hyperhidrosis Market

    Webinar taking place on Friday, March 26th @ 10 am EDTBOULDER, Colo., March 05, 2021 (GLOBE NEWSWIRE) -- Brickell Biotech, Inc. (“Brickell”) (Nasdaq: BBI), a clinical-stage pharmaceutical company focused on developing innovative and differentiated prescription therapeutics for the treatment of debilitating skin diseases, today announced that it will host a key opinion leader (“KOL”) webinar on the hyperhidrosis (excessive sweating) market on Friday, March 26, 2021 at 10:00 am EDT. This webinar will feature presentations by hyperhidrosis KOLs Adam Friedman, MD, The George Washington University School of Medicine & Health Sciences, and Joel L. Cohen, MD, AboutSkin Dermatology, who will provide an overview of hyperhidrosis through both the eyes of a patient and diagnosing clinician. Both dermatologists will discuss the unmet need that exists in hyperhidrosis, the current treatment landscape, and the negative quality of life impacts experienced by both pediatric and adult patients. Drs. Friedman and Cohen will be available to answer questions following the formal presentations. Robert Brown, CEO of Brickell, also will provide a corporate update. Brickell’s lead investigational product candidate, sofpironium bromide, is a new chemical entity that is currently being evaluated in a pivotal Phase 3 clinical program in the U.S. as a potential best-in-class therapy for treatment of primary axillary (underarm) hyperhidrosis. Brickell expects to report topline data from this Phase 3 clinical program in the fourth quarter of 2021. To register for the webinar, please click here. All industry and investment professionals are invited to attend the event, which will be accessible via a webcast posted in the Investors section of the Brickell website at https://ir.brickellbio.com/events-presentations. If you are unable to watch this broadcasted event live, a replay will be available on the Brickell website in the Investor section following the event and archived for approximately 90 days. KOL Biographies Adam Friedman, M.D., FAAD is Professor and Interim Chair of Dermatology, serving as Residency Program Director, Director of Translational Research, and Director of the Supportive Oncodermatology Program in the Department of Dermatology at The George Washington University School of Medicine & Health Sciences. Dr. Friedman completed his undergraduate training at the University of Pennsylvania and graduated with Distinction in Dermatologic Research at the Albert Einstein College of Medicine in New York. He completed his internship at New York Hospital Queens, and returned to Einstein College for his Dermatology residency, being appointed Chief Resident during his final year. Dr. Friedman joined the Einstein College faculty after graduation from 2010-2015, during which time he was the Director of Dermatologic Research, Director of the Translational Research Fellowship, and the Associate Program Director. Dr. Friedman is currently investigating novel nanotechnologies that allow for controlled and sustained delivery of a wide spectrum of physiologically and medicinally relevant molecules, with an emphasis on treating infectious diseases, accelerating wound healing, immune modulation, and correcting vascular dysfunction. He holds multiple patents derived from these investigations, and has published over 170 papers/chapters and 2 textbooks on both his research as well as a variety of clinical areas in dermatology with an emphasis on emerging medical therapies. He has received multiple awards such as the American Dermatologic Association Young Leader Award, the American Society for Dermatologic Surgery Cutting Edge Research Award, the 2017 Elle Beauty Genius Award, the 2018 Journal of Drugs Innovations in Residency Teaching Award, the La Roche Posay North American Foundation Research award, and has been on the Washingtonian Top Doctors list since 2017. Joel L. Cohen, M.D. is an internationally-recognized expert on medical dermatology, skin cancer, and aesthetics. Dr. Cohen has been named a US News and World Report Top Dermatologist, a Castle Connelly Regional Top Doctor (2013-2020), and has been voted by his peers as one of Denver’s Top Doctors in 5280 Magazine NINE times (including listings for cosmetic procedures as well as dermatology). He is Board-Certified by the American Board of Dermatology, and has completed a Dermatologic Surgery and Aesthetic fellowship in Mohs micrographic surgery (for the treatment of facial skin cancers), cutaneous oncology, facial reconstruction, cosmetic surgery and laser surgery. He is the Director of AboutSkin Dermatology and DermSurgery in Greenwood Village and Lone Tree, Colorado. Dr. Cohen was elected to serve as a national instructor in dermatologic surgical and aesthetic procedures by both the American Society of Dermatologic Surgery (ASDS) for the ASDS Preceptorship Program and American Society of Lasers in Medicine and Surgery (ASLMS) for the ASLMS Preceptorship Program. He is the fellowship Co-Director for the ASDS Dermatologic Surgery Colorado Fellowship. He serves on the teaching faculty at a top-tier academic dermatology program as an Associate Clinical Professor for the University of California at Irvine. In addition, Dr. Cohen is the recipient of the Patients Choice Award from 2010-2019. He has also been a recipient of the ASDS Public Service Award, the ASCDAS Distinguished Service Award, the ASDS Traveling Mentorship and Teaching Award, and the ASDS Excellence in Education Award. In 2018, he received the Melanoma Research Foundation Humanitarian of the Year award. About Brickell Brickell Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of innovative and differentiated prescription therapeutics for debilitating skin diseases with a focus on its lead asset sofpironium bromide for the treatment of hyperhidrosis. Brickell’s executive management team and board of directors bring extensive experience in product development and global commercialization, having served in leadership roles at large global pharmaceutical companies and biotechs that have developed and/or launched successful products, including several that were first-in-class and/or achieved iconic status, such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta® and Juvederm®. Brickell’s strategy is to leverage this experience to in-license, acquire, develop and commercialize innovative and differentiated pharmaceutical products that Brickell believes can be successful in the marketplace and transform lives by solving currently unmet patient needs. For more information, visit https://www.brickellbio.com. Cautionary Note Regarding Forward-Looking Statements Any statements made in this press release relating to future financial, business and/or research and clinical performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, the anticipated timing, scope, design, progress and/or results of ongoing and future clinical trials, intellectual property rights, including the validity, term and enforceability of such, the expected timing and/or results of regulatory submissions and approvals, and prospects for commercializing any of Brickell’s product candidates, or research collaborations with, or actions of, its partners, including in Japan, the United States or any other country, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, or the webinar which is the subject of this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “look forward” and similar expressions and their variants, as they relate to Brickell, Kaken, or any of Brickell’s partners, may identify forward-looking statements. Brickell cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including without limitation, ability to obtain adequate financing to advance product development, ability to maintain and enforce intellectual property rights, potential delays for any reason in product development, regulatory changes, supply chain disruptions, unanticipated demands on cash resources, any disruption to its business caused by the current COVID-19 pandemic, interruptions, disruption or inability by Kaken to supply and commercialize the product in Japan, or obtain or retain adequate pricing or reimbursement, the outcome of Brickell’s ongoing U.S. Phase 3 pivotal program on sofpironium bromide, and other risks associated with developing, and obtaining regulatory approval for and commercializing product candidates. Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in Brickell’s filings with the United States Securities and Exchange Commission (SEC), which are available at https://www.sec.gov (or at https://www.brickellbio.com). The forward-looking statements represent the estimates of Brickell as of the date hereof only, and Brickell specifically disclaims any duty or obligation to update forward-looking statements. Brickell Investor Contact:Dan FerryLifeSci Advisors(617) 430-7576daniel@lifesciadvisors.com