Newport Beach-based Bonti is developing its own Botox. But unlike other competitors that aim to directly compete with Allergan PLC, it’s focusing on expanding therapeutic use of its lead neurotoxin candidate, EB-001.
The company raised $15.5 million in a series C financing last month to support completion of a second-phase study using the compound to treat musculoskeletal pain.
“Pain is the waiting opportunity, given the opioid epidemic we are living in,” said Bonti Chief Executive Fauad Hasan, pointing out that Allergan hasn’t claimed pain management among therapeutic Botox uses.
Food and Drug Administration-approved therapeutic uses of Botox include for excessive underarm sweating, chronic migraine, over-active bladder, cross-eye and severe neck spasms.
Bonti is pursuing both aesthetic and therapeutic indications. Hasan said it will add another indication to its therapeutic portfolio with the latest round of financing, which exceeded the initial $10 million target.
The company also recently added David Ramsay as chief financial officer, effective this month.
Therapeutics
Bonti aims for EB-001 to provide surgical and nonsurgical pain relief. The quicker onset and shorter duration of EB-001 means the therapy can immobilize muscle and allow proper healing without muscle atrophy.
EB-001’s onset of action is about 24 hours compared to Botox’ three to five weeks; its duration of effect is about four weeks compared to Botox’ three to six months.
Bonti’s pain management pipeline is comprised of phase-two studies in mammoplasty, or breast augmentation, and abdominoplasty, or tummy tucks—totaling 160 patients.
Hasan said the company will also expand into scarring treatment. Scars are mainly collagen, a tissue response to the process of wound healing. He said there’s much opportunity for EB-001 to expedite the healing process through muscle relaxation. It hopes to find that the compound will also reduce scarring.
“The constant moving and contracting of the muscle and skin also cause scar tissue. If I can help relax the muscle, it will make the job easier … make sutures more effective and easier for physicians to get work done,” he said.
It plans to start the phase-two scarring trial this year.
Hasan said the company also plans to hire in commercial sales, marketing, and research and development this year.
Bonti has eight full-time employees and anticipates doubling employment by next year.
Aesthetics
Bonti also has an aesthetic EB-001 vertical. The aesthetic pipeline consists of a phase-two study on frown lines.
Irvine-based Evolus Inc. and Newark-based Revance Therapeutics Inc. are players in the aesthetic Botox space. Evolus announced an approximately $65 million initial public offering last week comprised of 5 million shares at $12 to $14, and Revance caught media attention in November when it initiated a phase-three trial of its neurotoxin for frown lines.
While the Botox aesthetics market is promising—over 7 million injections were administered worldwide in 2016, according to a facial injectables market report by Research and Markets—it’s dominated by Allergan, at more than a 45% market global share—about $1.62 billion in 2016 sales.
There’s “not much evidence that there is a need for more/better toxins in the aesthetic market,” Bernstein Senior Analyst Ronny Gal wrote in a note to clients.
