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AmorePacific Partners with Pharm Company Brickell Biotech for Series B Financing
Posted: March 1, 2013
Brickell Biotech, Inc., a development-stage pharmaceutical company focused on the development of drug therapies for the treatment of skin diseases, announced a $7 million Series B financing round. Brickell’s current pipeline includes new chemical entities in dermatology for indications including acne, atopic dermatitis and hyperhidrosis.
The Series B is led by a new strategic partner, AmorePacific Ventures of AmorePacific Group, the cosmetic and aesthetics company and brand based in South Korea. Also participating in this round are existing investors, including Palisade Concentrated Equity Partnership II, LP, a private equity fund managed by Palisade Capital Management, LLC, and others.
The funds from this financing round will be used to support the further development of novel compounds in Brickell’s pipeline from pre-clinical proof of concept through clinical testing. 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.
“AmorePacific’s investment in Brickell is a validation of our efficient drug development model,” said Brickell president Reginald Hardy. “We look forward to working with AmorePacific and our other investors and partners as we move forward with the development of these novel, first-in-class dermatology compounds, which hold great promise for the marketplace.”
“We share Brickell’s view that there is a significant need for new therapeutics in the field of dermatology,” said Paul Kang, managing director of AmorePacific Ventures. “We are impressed with Brickell’s leadership team, and we are pleased to partner with them as they continue to develop a pipeline of innovative compounds.”
“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,” said David Angulo, MD, vice president, research and development, Brickell. “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.”