Botanix Pharmaceuticals (ASX:BOT) received firm commitments to raise AU$40 million via a non-underwritten institutional placement, according to a Tuesday filing with the Australian bourse.

The placement is for the issue of roughly 121.2 million new fully paid ordinary shares at AU$0.33 apiece. The price is a 7% discount to the company's last traded price before the trading halt on April 14, per the filing.

Proceeds will be used to fund the commercialization of Sofdra in the US. Sofdra aims to treat primary axillary hyperhidrosis.

Botanix Pharmaceuticals' shares were up past 10% in recent Tuesday trade.