Botanix Pharmaceuticals BTX 1503 acne Phase 2 study Results
Botanix Pharmaceuticals Ltd (ASX: BOT) came under immense selling pressure after releasing study results for BTX 1503 acne Phase 2 study that failed to meet primary endpoints in patients in the U.S. The stock lost more than 40% in market value even on confirming that all doses of the candidate drug for acne treatment did not report any serious adverse events.
According to the clinical-stage company, the once-daily application had the best performance from a compliance perspective. The candidate drug also showed a strong and consistent impact on inflammatory lesions with greater non-inflammatory lesion reductions.
Separately the clinical-stage cannabinoid company has signed a supply agreement with Purisys. The agreement covers clinical and future commercial supplies of Synthetic Cannabidiol. The two companies have also agreed to join forces and set future volume requirements as well as scale-up manufacturing. Similarly, Botanix has secured preferential pricing for its synthetic cannabidiol API requirements.
Roots Sustainable Agricultural Technologies Capital Raise
Roots Sustainable Agricultural Technologies was down by more than 20% after confirming the closing of a private placement from which it raised A$820,000 before expenses. The company intends to use net proceeds from the offering to commercialize Root Zone Temperature Optimization technology in various jurisdictions. The technology has so far proved to be reliable in increasing cannabis yield in high tech greenhouse by as much as 118%.
Part of the funds will also go towards expanding the company’s cannabis growers marketing and sales activities in the U.S. Success in the private placement, according to the Chief Executive Officer Sharon Devir, is a strong endorsement of the company’s RZTO technology.
The private placement comes just days after the company confirmed the signing of a strategic collaboration with cold thermal energy storage company Nostromo Ltd. the agreements paves the way for the company to advance the commercialization of its solar-powered off-grid irrigation systems.
Roots Sustainable and Nostromo are to work together on the development of autonomous and cost-effective solar-powered water-cooling and energy storage system
Cardno Limited Demerger Approval
Cardno Limited (ASX: CDD) tumbled by more than 30% days after confirming that the Federal Court of Australia has approved a scheme of arrangement that paves the way for the demerger of Intega Group Limited. Shareholders approved the Demerger scheme early in the month, with the agreement becoming legally effective on October 21, 2019.
Following the demerger, Intega group will own the Quality Testing and Measurement business. The business specializes in the provision of construction materials testing services as well as subsurface utility engineering services. The company has already invested in proprietary software to enhance verifiable quality, testing, and management.
Following the demerger, Cardano core business will comprise of three operating entities focused on environmental consulting infrastructure consulting and international development consulting. The board believes the separation will go a long way in helping the two companies create more shareholder value on focusing on specific growth opportunities as well as a distinct culture and operating business models.