Shares in Botanix Pharmaceuticals Limited jumped after the biotech announced a research collaboration with the University of Queensland’s Institute for Molecular Bioscience to develop a skin infection treatment based on medical cannabis.
A short time ago, the shares were up 5% to $0.105.
Coupled with an AusIndustry Innovation Connection Grant program, the deal will accelerate the development of BTX 1801, an antimicrobial with the potential to treat serious skin infections resistant to antibiotics.
In the US, more than three million patients are hospitalised each year with serious skin infections.
Pre-clinical testing indicated Botanix’s treatment achieves close to 100% bacteria killing effect of antibiotic resistant strains of the most common skin infection bacteria.
“Antibiotic resistance is a significant global concern and we are excited about the potential prospects of BTX 1801 in this field,” says Dr Mark Blaskovich, Principal Investigator and Program Coordinator at the Institute for Molecular Bioscience.
“The partnership is also testament to the university engaging with industry to embed research discovery into the problem-solving process, so together we can bring solutions to market more quickly and with greater impact.”
The Perth-based company is also developing acne and other dermatitis products.
Botanix in February raised $15 million in equity from more than 15 new institutional investors to develop an acne treatment.
Early studies show Botanix’s treatment for acne, BTX 1503, “very effective” at reducing inflammation.
Business Insider Emails & Alerts
Site highlights each day to your inbox.