The Botanix Pharmaceuticals Ltd (ASX: BOT) share price is soaring higher today following the release of its September quarter update.
At the time of writing, the synthetic cannabinoid company’s shares are up 15% to a year-high of 11.5 cents.
What did Botanix announce?
Botanix recorded strong results for the period ending 30 September, the first quarter of FY21. During the quarter, net cash flows equated to $2.56 million, with $2.3 million invested in research and development activities.
Botanix reported a strong financial position, holding a cash balance of $22.1 million. Most notably, this represents more than 2 years of financing the company’s ongoing operations.
In addition, Botanix president Vince Ippolito participated in a company presentation at the 2020 ASX Small & Mid-Cap virtual conference last month. The presentation provided an overview of its development programs as well as new data supporting Botanix’s antimicrobial platform. The company said it was continuing to explore funding opportunities and partnerships that would help in the development of antimicrobial treatments.
Clinical development programs
Botanix advised it was well-advanced for the recruitment of its BTX 1801 phase 2a clinical study. The trial will seek to evaluate the safety, tolerability and efficiency of BTX 1801 for the prevention of surgical site infections.
The enrolment will consist of 60 volunteers who will undergo twice-daily treatments across a five-day period. Botanix said the study would be done in a cost-effective manner, with target completion later this year.
The company noted its BTX 1503 acne program achieved an important drug development milestone in July. The successful end of its phase 2 meeting with the United States Food and Drug Agency (FDA) highlighted the safety profile of BTX 1503. This allowed several waivers for studies that are normally required for dermatology drug registration.
Botanix said it was currently reviewing the timetable for its phase 3 study, pending the completion of its BTX 1702 phase 2 trial, and lifting of COVID-19 restrictions.
Travel restrictions have temporarily halted the BTX 1702 rosacea program. Botanix said once borders were eased between Australia and New Zealand, recruitment would begin. The six-week randomised study will aim to evaluate patients with moderate to severe papulopustular rosacea.
Given the overlapping characteristics between rosacea and acne, the study will also provide supporting information for the BTX 1503 program.
Botanix share price summary
The Botanix share price has performed strongly since the market meltdown in March. The synthetic cannabinoid company’s shares are up 500% for the period, from 2.3 cents to today’s price of 11.5 cents.
The company has a market capitalisation of $107 million, and still has a long way to go to reach its 52-week high of 26 cents.