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Botanix Pharmaceutical (formerly: Bone Medical) is a pharmaceutical and biotechnology public listed company with the code as [ASX: BOT], which was founded in 2002 and is headquartered at Perth, Australia. It focuses on the treatment of joint and bone diseases. It aims to grab high potential market of skin diseases with its advancement in technology. It aims to add value by its clinical studies for acne, atopic and psoriasis dermatitis.
It has recently got approval for synthetic cannabidiol as a new product for skin treatment. These recent developments have put Botanix into the list of worldâs most advanced cannabinoid companies. Its highly advanced permetrex and novel skin delivery technology has proven better than traditional ways to enhance cannabidiol delivery. Its vast recruitment drive with existing high skilled staff is helping to accelerate the commercialization of the product.
Product Line:
Its synthetic cannabidiol product candidate includes products such as BTX 1308, 1503, 1204, 1801 for indicators psoriasis, moderate to severe acne, moderate atopic dermatitis and antimicrobial respectively, which are undergoing studies in various phases and may see roll-out this year. Its permetrex program is undergoing study with collaboration with its partners.
The recent study has found that cannabidiol has anti-inflammatory effects on human sebocytes, potent anti-microbial activity against gram-positive bacteria, and inhibits human keratinocyte proliferation, through a non CB1/2 mechanism.
Market Overview:
Botanix (A$74) has significant upside potential with respect to market presence of its peers such as AusCann (A$199 million), Cann group limited (A$302million), Elixinoi (A$422 million), where it differentiates by advancement in generating positive clinical data in dermatology indications and targeting with no substitute threat in next 15 to 20 years. Most of its studies have entered the phase 2 trials, and many are on the verge to complete the phase 1b. There is a compliance issue by FDA as it follows a fully synthetic drug active approach. On comparison over phase 2 trials, Botanix market cap ranges from A$51million to A$132million whereas for its peers sienna A$265 million to A$726 million, for dermia A$360 million to A$737 million, for Menlo Therapeutics A$862 million to A$1198 million over indicators such as acne, atopic dermatitis, psoriasis, hyperhidrosis, chronic pruritus respectively. Botanix lead products such as BTX 1503 and BTX 1204 which are both undergoing phase 2 trials targeting acne and atopic dermatitis for population target of around 100 million patients p.a. has revenue potential of US$1.5bn p.a.
Management team:
Mr. Matthew Callaham is the founder and board executive director, Dr. Michael Thurn is the Australian head operations, Dr. Stephane Levy is the chief medical officer, Mr. Jack Lawler is the VP development, Dr. Bill Bosch is the board executive director, and Dr. Judith Palon is the VP Regulatory affairs of Botanix Management.
Outlook:
Dermatology treatment market is expected to grow to US$33.7 bn by 2022 with a CAGR of 7.7% out of which global acne market is expected to reach US$7.35 bn by 2025 from US$4.92 bn in 2016 at a CAGR of 4.6%. There has been not much innovation in the acne market. The market for skin diseases continues to grow and thus provide a significant opportunity for the biopharmaceutical companies to tap this potential.
Stock performance: BOT is trading at A$.097 today, down by 1.02% (as at 3:41 PM AEST, 31 January 2019) with a market capitalization of A$74.23 million. The shares have yielded a positive YTD return of 34.25% to date to its investors this year.
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