Welcomes FDA approval of first cannabidiol product for epilepsy: Botanix Pharmaceuticals Ltd (ASX: BOT) stock plummeted over 7% after rising 1.82% on June 26, 2018 while the company welcomed the FDA approval decision for the first cannabidiol based product Epidiolex for the treatment of epilepsy in the US. Cannabidiol is something that BOT uses in its acne, atopic dermatitis and other pipeline dermatology products. Epidiolex is approved by the FDA for seizures associated with two rare and severe forms of epilepsy known as Lennox-Gastaut Syndrome and Dravet Syndrome respectively. Epidiolex has been developed by GW Pharmaceuticals plc, whose market capitalisation is approximately US$4bn, and its US subsidiary Greenwich Biosciences. Moreover, the FDA approval highlighted the necessity of conducting controlled clinical studies, uniformity of drug quality and consistent delivery, as well as intent to take action against non-FDA approved CBD containing products. Additionally, BOT has raised A$8m to use it to accelerate the development of BTX 1204 and progress other key pipeline products. The company is now fully funded to complete two Phase 2 clinical trials by mid-2019, with multiple pipeline products progressing into Phase 1b patient studies. There are no NASDAQ-listed dermatology companies with two Phase 2 programs in development and such a deep pipeline of earlier stage programs. Meanwhile, BOT stock has fallen 24.14% in last one month as on June 25, 2018.
Proposed use of funds (Source: Company Reports)
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