Brickell Biotech (NASDAQ: BBI) shares are trading lower after the company announced a bought deal offering of common stock of $5 million, which was later increased to $7 million.

Brickell Biotech is a clinical-stage pharmaceutical company that focuses on identifying, developing, and commercialising various prescription therapeutics for the treatment of debilitating skin diseases in the United States. The company’s lead product candidate is sofipironium bromide that is in Phase 3 clinical trial to treat patients with primary axillary hyperhidrosis.

At the time of publication, shares of Brickell Biotech were trading 15.4% lower at $0.62 per share. The stock has a 52-week low of $0.47 and a 52-week high of $1.70.

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