Botanix Secures $40 Million to Accelerate U.S. Launch of Sofdra™

Botanix Pharmaceuticals Ltd. (ASX: BOT) has secured firm commitments to raise A$40 million through a strongly supported institutional placement, as the company ramps up the U.S. commercial rollout of its lead dermatology product, Sofdra™.

The capital raising, priced at A$0.33 per share—a 7% discount to the company’s last traded price drew significant interest from new and existing Australian and international institutional investors. Proceeds will be used to scale the company’s commercial infrastructure, including expansion of its sales force, enhancement of digital and marketing platforms, inventory and logistics support, as well as general operating and administrative costs.

Early Prescribing Success

The raise follows the completion of Sofdra’s first full quarter on the market with a deployed sales force. Since its U.S. launch in February, the treatment for primary axillary hyperhidrosis has gained strong early traction. New patient initiations are now trending above 500 per week, and over 1,500 individual prescribers have issued Sofdra prescriptions. Importantly, refill rates in March reached 100% of eligible patients—an early indicator of high satisfaction and adherence.

Gross revenue from Sofdra more than doubled between February and March. Management now anticipates that patients may receive up to 11 refills per prescription—far exceeding the industry average of fewer than two—positioning the product as a potential high-value asset within the dermatology space.

“We are pleased to complete this placement with strong support from our institutional shareholders,” said Executive Chairman Vince Ippolito. “These funds will allow us to accelerate the commercialisation of Sofdra at a time when early market indicators are highly encouraging.”

The 121.2 million new shares will be issued under Botanix’s placement capacity pursuant to ASX Listing Rule 7.1, with settlement expected on April 23 and trading of the new shares to commence on April 24. The offer was jointly managed by Euroz, Hartleys and E&P Capital.

About Sofdra™

Sofdra™ (sofpironium bromide) is the first and only FDA-approved topical prescription treatment specifically developed for adults and children aged 9 and older with primary axillary hyperhidrosis—excessive underarm sweating. Applied once daily as a quick-drying, medicated cloth, Sofdra targets sweat glands directly, reducing perspiration at its source with a proven safety profile and minimal systemic exposure.