ASX-listed Botanix has shipped the first batch of Sofdra prescriptions, marking a milestone moment as it shifts towards becoming a revenue generating pharmaceuticals company.
The Leederville-based medical dermatology company told the market today it had delivered the first shipments of its Sofdra topical gel after receiving US Food and Drug Administration approval.
The FDA tick was received on June 20, with the product now the first and only chemical entity approved by the FDA to treat primary axillary hyperhidrosis (excessive underarm sweating) in adults and children nine years and older.
Hyperhidrosis is a condition which sees the patient sweat beyond what is required to regulate body temperature.
It has been found to affect work productivity, daily routine activities, emotional well-being and personal relationships, and is the third largest dermatology condition after acne and atopic dermatitis.
It’s estimated 10 million people are living with the condition in the US alone.
Following the approval, the company raised $70 million via an institutional placement of some 233 million shares at 30 cents per share.
Those funds have since enabled the company to grow from fewer than 10 employees to now having 25.
The company says it expects full commercial launch in Q1 2025.
