Company initiates brand reset
Brickell Biotech Inc. (Nasdaq: BBI), a clinical-stage pharmaceutical company, has begun a new brand, logo and website as the company seeks to pivot away from drugs that combat excessive sweating toward treatments for autoimmune, inflammatory and other debilitating diseases.
The company is now calling itself Fresh Tracks Therapeutics Inc. and expects to trade under the new Nasdaq ticker symbol FRTX beginning Thursday.
As of Wednesday afternoon, Fresh Tracks Therapeutics had not been registered as a trade name with the Colorado Secretary of State’s office.
The rebrand comes less than a half-year after Brickell sold off the rights to sofpironium bromide, its excessive-sweating drug, for a $9 million upfront payment, to Botanix Pharmaceuticals Ltd., which pledged to make “additional successbased regulatory and sales milestone payments of up to $168 million and tiered earn out payments ranging from high-single digits to midteen digits on net sales” of the gel, the company said in May.
“Over the past year, our company executed a fundamental shift in strategy by acquiring multiple innovative platforms with broad potential as treatments for autoimmune and inflammatory diseases,” Brickell CEO Robert Brown said in a statement.
In conjunction with the rebrand, Fresh Tracks has launched a scientific advisory board that the company said is made up of “renowned scientists and clinicians with deep experience across immunology and inflammation.”
As Fresh Tracks begins to trade under its new ticker symbol, the company’s struggles to maintain its Nasdaq listing continue.
The company received notice from regulators late last month that it faces delisting from the stock exchange after the July resignation of Dennison T. Veru from its board of directors.
With Veru’s resignation, Brickell’s board is no longer made up of a majority of independent directors, which violates Nasdaq rules. Brickell has until its next annual shareholders meeting to come back into compliance.
This is the second time this year that the company has faced delisting from the Nasdaq. In June, Brickell received a delisting notice because its stock price had dropped below the minimum threshold of $1 for more than 30 consecutive days.