The company has received $7 million in a 'Series B' financing round that it aims to invest in formulations that will specifically treat skin problems such as acne and dermatitis.
‘Series B’ is a second round of financing for a business by private equity investors or venture capitalists and generally takes place when the company has accomplished certain milestones in developing its business.
Korean cosmetic and aesthetics giant, AmorePacific is the company’s newest strategic partner, and is leading the round of various existing investors, including Palisade, a private equity fund managed by Palisade Capital Management.
“We look forward to working with AmorePacific and our other investors and partners as we move forward with the development of these first-in-class dermatology compounds, which hold great promise for the marketplace,” says Brickell president, Reginald Hardy.
Investments will go towards...
The funds from this financing round will be used to further develop novel compounds in Brickell’s pipeline from pre-clinical proof of concept through clinical testing.
According to R&D vice president, David Angulo, “Most companies in the dermatology space have focused on reformulating available products, leaving a void of new, breakthrough technologies to treat many highly prevalent skin conditions. That’s where Brickell comes in. We are committed to – and experienced in – efficiently developing a portfolio of novel and viable treatment alternatives that will be welcomed in the marketplace.”
Brickell’s current pipeline includes new chemical entities in dermatology for indications including acne, atopic dermatitis, and hyperhidrosis.
AmorePacific holds rights to novel compounds
Under the terms of the agreement, AmorePacific will also obtain an option to first negotiate an exclusive license to market two of Brickell’s novel compounds in the Republic of Korea.
“We share Brickell’s view that there is a significant need for new therapeutics in the field of dermatology,” says Paul Kang, managing director, of AmorePacific Ventures.