search icon
      blog search icon

      Here is why Brickell Biotech Inc. (BBI) stock faced the headwinds on the first day of the week? - Stocks Telegraph

      By Asim Kamal

      Published on

      July 20, 2021

      4:17 AM UTC

      Here is why Brickell Biotech Inc. (BBI) stock faced the headwinds on the first day of the week? - Stocks Telegraph

      Brickell Biotech Inc. (BBI) shares fell 13.14% in after-hours on Monday, July 19, 2021, and closed Monday’s trading at $0.64. Earlier in the morning session, BBI’s stock lost 1.77% to close Monday’s session at $0.74. BBI shares have fallen 18.49% over the last 12 months, and they have moved down 10.16% in the past week. Over the past three months, the stock has lost 12.31%, while over the past six months, it has shed 33.03%. Further, the company has a current market of $51.08 million and its outstanding shares stood at 67.18 million.

      Let’s see is there any recent news or development behind its negative start on Monday?

      Increasing Bought Deal Offering of Common Stock

      On July 19, 2021, Brickell Biotech, Inc announced that the underwriter has agreed to increase the size of the previously announced public offering and purchase on a firm commitment basis 11,290,323 shares of common stock of the Company at a price to the public of $0.62 per share, less underwriting discounts and commissions, due to demand. The offer will close on July 22, 2021.

      Participation in the recent investor conference

      Brickell Biotech recently participated in one-on-one investor meetings at the William Blair Biotech Focus Conference 2021, which was held virtually on July 14 – 15, 2021.

      Update about patient enrollment in Phase 3 pivotal Cardigan I &II study

      On June 29, 2021, Brickell Biotech, Inc announced that the final patient has completed the Phase 3 pivotal Cardigan I study and that all planned patients have been enrolled in the Phase 3 pivotal Cardigan II study. Both studies are evaluating sofpironium bromide gel, 15% in patients with primary axillary (underarm) hyperhidrosis.

      Brickell’s U.S. Phase 3 clinical program for sofpironium bromide gel, 15% is comprised of two pivotal clinical studies, Cardigan I and Cardigan II. Each study has enrolled approximately 350 subjects nine years of age and older with primary axillary hyperhidrosis.

      Initiation of Phase 1 clinical study of sofpironium bromide gel in Japan

      On June 24, 2021, the development partner of Brickell Biotech, Kaken Pharmaceutical Co., Ltd initiated a Phase 1 clinical study to assess the pharmacokinetics (PK) of sofpironium bromide gel in patients with primary palmoplantar hyperhidrosis (PPH) in Japan.

      Publication of Phase 3 Results for ECCLOCKin the Journal of Dermatology

      On June 01, 2021, Brickell Biotech, Inc announced that the results from the Phase 3 long-term safety and efficacy study conducted in Japan by its development partner, Kaken Pharmaceutical Co., Ltd were published in the peer-reviewed Journal of Dermatology1.

      Conclusion

      The BBI stock faced negativity on Monday after it announced to increase in the size of the previously announced public offering. BBI stock can further slide down in the coming days.

      More From Stocks telegraph