On June 17, 2020 Brickell Biotech, Inc. ("Brickell") (Nasdaq: BBI), a clinical-stage pharmaceutical company focused on developing innovative and differentiated prescription therapeutics for the treatment of debilitating skin diseases, reported the pricing of an underwritten public offering of 17,500,000 shares of common stock or common stock equivalents (which includes pre-funded warrants to purchase shares of common stock in lieu of shares of common stock) and investor warrants to purchase up to an aggregate of 17,500,000 shares of common stock (Press release, Vical, JUN 17, 2020, View Source [SID1234561204]). Each share of common stock (or pre-funded warrant in lieu thereof) is being sold together with one investor warrant to purchase one share of common stock at a combined offering price of $1.15, for total gross proceeds of approximately $20.1 million, before underwriting discounts and commissions and offering expenses payable by Brickell. The offering is expected to close on or about June 22, 2020, subject to the satisfaction or waiver of customary closing conditions.

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Brickell anticipates using the net proceeds from the offering for research and development, including clinical trials, working capital and general corporate purposes.
Oppenheimer & Co. Inc. is acting as the sole book-running manager in connection with the offering and Lake Street Capital Markets, LLC is acting as lead manager.
The securities will be offered pursuant to a registration statement on Form S-1 (File No. 333-238298), which was declared effective by the Securities and Exchange Commission (the "SEC") on June 17, 2020, and an additional registration statement filed with the SEC on June 17, 2020 pursuant to Rule 462(b) under the Securities Act of 1933, as amended. The offering is being made solely by means of a prospectus. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus and, when available, copies of the final prospectus relating to this offering can be obtained at the SEC’s website at www.sec.gov or from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad St., 26th Floor, New York, NY 10004, by telephone at (212) 667-8055 or by email at [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.