Tuesday September 10, 2019 0 comments
BOULDER -- Brickell Biotech, Inc. (Nasdaq: BBI), a clinical-stage pharmaceutical company, announced the completion of its merger with California-based Vical Incorporated following approval by Vical’s stockholders.
Brickell is expected to commence trading today on the Nasdaq capital market under the ticker symbol “BBI.”
“This merger is a significant milestone for Brickell,” said Robert Brown, Brickell CEO.
“We are on track to initiate the Phase 3 program of our lead asset, sofpironium bromide, for patients with axillary hyperhidrosis this year. With over 10 million individuals in the United States suffering from this debilitating condition, we are excited to advance the development of sofpironium bromide as a potential best-in-class therapy.”
Vical contributes approximately $35 million to the combined company in addition to an R&D financing arrangement with NovaQuest Capital Management that provides $25 million in funding.
Following the completion of the merger, the combined company has approximately 7.8 million shares of common stock outstanding. Brickell’s stockholders received common stock, representing approximately 56% of the outstanding shares and Vical’s stockholders retained approximately 44% based on certain assumptions regarding the calculation of the fully diluted shares.
The combined company will continue to operate under the leadership of Robert Brown as CEO. Brown joined Brickell in January 2019 from Eli Lilly where he was chief marketing officer overseeing global product launches and commercial operations of the company.
Based upon the positive Phase 2 clinical trial results and the recently completed pivotal Phase 3 clinical trial results from Brickell’s Japanese partner, Kaken, as well as Brickell’s ongoing Phase 3 long-term safety study, Brickell said it intends to initiate two pivotal Phase 3 clinical trials in patients with primary axillary hyperhidrosis in the United States in the fourth quarter of 2019.