Botanix Pharmaceuticals (ASX:BOT) received firm commitments to raise about AU$40 million via a two-tranche placement of 666.7 million shares at AU$0.06 per share, according to a Tuesday filing with the Australian bourse.

The offer price represents an 45.5% discount to the stock's last traded price before the trading halt on Feb.13, the filing said.

Tranche one is expected to raise around AU$14.9 million by issuing 247.9 million shares at the offer price, while tranche two aims to raise about AU$25.1 million through the issue of 418.7 million shares, subject to shareholder approval, the filing added.

The company will also allow eligible shareholders to participate in a share purchase plan to raise up to AU$5 million at the same price, the company said.

Funds raised will be used towards the purchase of active pharmaceutical ingredient (API) and costs to obtain a second API supplier, the company added.

The new shares are expected to settle in early April.

Shares of the company fell 39% in recent Tuesday trade and earlier hit a three-year low.