Statement of Ownership (sc 13g)
February 27 2020 - 1:49PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of
1934
(Amendment No. __)*
BRICKELL BIOTECH, INC.
|
(Name of Issuer)
|
|
COMMON STOCK, $0.01 PAR VALUE
|
(Title of Class of Securities)
|
|
10802T105
|
(CUSIP Number)
|
|
February 20, 2020
|
(Date of Event Which Requires Filing of
this Statement)
|
Check the appropriate box to designate
the rule pursuant to which this Schedule is filed:
|
¨
|
Rule 13d-1(b)
|
|
x
|
Rule 13d-1(c)
|
|
¨
|
Rule 13d-1(d)
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(Page 1 of 13 Pages)
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* The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 2 of 13
|
1
|
NAMES OF REPORTING PERSONS
Lincoln Park Capital Fund, LLC
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
5
|
SOLE VOTING POWER
0
|
6
|
SHARED VOTING POWER
965,723
|
7
|
SOLE DISPOSITIVE POWER
0
|
8
|
SHARED DISPOSITIVE POWER
965,723
|
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
965,723
|
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
|
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
|
12
|
TYPE OF REPORTING PERSON
OO
|
|
|
|
|
|
|
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 3 of 13
|
1
|
NAMES OF REPORTING PERSONS
Lincoln Park Capital, LLC
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
5
|
SOLE VOTING POWER
0
|
6
|
SHARED VOTING POWER
965,723
|
7
|
SOLE DISPOSITIVE POWER
0
|
8
|
SHARED DISPOSITIVE POWER
965,723
|
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
965,723
|
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
|
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
|
12
|
TYPE OF REPORTING PERSON
OO
|
|
|
|
|
|
|
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 4 of 13
|
1
|
NAMES OF REPORTING PERSONS
Rockledge Capital Corporation
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
5
|
SOLE VOTING POWER
0
|
6
|
SHARED VOTING POWER
965,723
|
7
|
SOLE DISPOSITIVE POWER
0
|
8
|
SHARED DISPOSITIVE POWER
965,723
|
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
965,723
|
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
|
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
|
12
|
TYPE OF REPORTING PERSON
CO
|
|
|
|
|
|
|
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 5 of 13
|
1
|
NAMES OF REPORTING PERSONS
Joshua B. Scheinfeld
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
5
|
SOLE VOTING POWER
0
|
6
|
SHARED VOTING POWER
965,723
|
7
|
SOLE DISPOSITIVE POWER
0
|
8
|
SHARED DISPOSITIVE POWER
965,723
|
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
965,723
|
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
|
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
|
12
|
TYPE OF REPORTING PERSON
IN
|
|
|
|
|
|
|
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 6 of 13
|
1
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NAMES OF REPORTING PERSONS
Alex Noah Investors, Inc.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
5
|
SOLE VOTING POWER
0
|
6
|
SHARED VOTING POWER
965,723
|
7
|
SOLE DISPOSITIVE POWER
0
|
8
|
SHARED DISPOSITIVE POWER
965,723
|
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
965,723
|
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
|
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
|
12
|
TYPE OF REPORTING PERSON
CO
|
|
|
|
|
|
|
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 7 of 13
|
1
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NAMES OF REPORTING PERSONS
Jonathan I. Cope
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
5
|
SOLE VOTING POWER
0
|
6
|
SHARED VOTING POWER
965,723
|
7
|
SOLE DISPOSITIVE POWER
0
|
8
|
SHARED DISPOSITIVE POWER
965,723
|
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
965,723
|
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
|
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
|
12
|
TYPE OF REPORTING PERSON
IN
|
|
|
|
|
|
|
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 8 of 13
|
Item 1.
|
|
|
(a)
|
Name of Issuer:
|
|
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Brickell Biotech, Inc., a Delaware corporation
(“Issuer”)
|
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(b)
|
Address of Issuer’s Principal
Executive Offices:
|
|
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5777 Central Avenue
|
|
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Suite 102
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Item 2.
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|
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(a)
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Name of Person Filing:
|
|
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Lincoln Park Capital Fund, LLC (“LPC Fund”)
|
|
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Lincoln Park Capital, LLC (“LPC”)
|
|
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Rockledge Capital Corporation (“RCC”)
|
|
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Joshua B. Scheinfeld (“Mr. Scheinfeld”)
|
|
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Alex Noah Investors, Inc. (“Alex Noah”)
|
|
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Jonathan I. Cope (“Mr. Cope”
and, collectively with LPC Fund, LPC, RCC, Mr. Scheinfeld and Alex Noah, the “Reporting Persons”)
|
|
(b)
|
Address of Principal Business Office,
or if None, Residence:
|
|
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The address of the principal business office of each of the Reporting Persons is:
|
|
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440 North Wells, Suite 410
|
|
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Chicago, Illinois 60654
|
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(c)
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Citizenship:
|
|
|
LPC Fund is an Illinois limited liability company
|
|
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LPC is an Illinois limited liability company
|
|
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RCC is a Texas corporation
|
|
|
Mr. Scheinfeld is a United States citizen
|
|
|
|
|
|
|
|
|
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SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 9 of 13
|
|
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Alex Noah is an Illinois corporation
|
|
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Mr. Cope is a United States citizen
|
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(d)
|
Title of Class of Securities:
|
|
|
Common Stock, $0.01 par value (“Common
Stock”)
|
|
(e)
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CUSIP Number:
|
|
|
10802T105
|
Item 3.
|
|
|
|
|
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If this statement is filed pursuant to §§240.13d-1(b),
or 240.13d-2(b) or (c), check whether the person filing is a:
|
(a)
|
¨
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Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o).
|
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(b)
|
¨
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Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
|
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(c)
|
¨
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Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c).
|
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(d)
|
¨
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Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
|
|
(e)
|
¨
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An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
|
|
(f)
|
¨
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An employee benefit plan or endowment fund in accordance with §240. 13d-1(b)(1)(ii)(F);
|
|
(g)
|
¨
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A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
|
|
(h)
|
¨
|
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
|
|
(i)
|
¨
|
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
|
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(j)
|
¨
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A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);
|
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(k)
|
¨
|
Group, in accordance with §240.13d-1(b)(1)(ii)(K).
|
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If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution ______________________
|
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SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 10 of 13
|
Item
4. Ownership.
Reporting person
|
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Amount
beneficially
owned1:
|
|
|
Percent
of class2:
|
|
|
Sole power
to vote or
direct
the vote:
|
|
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Shared
power to
vote or to
direct
the vote3:
|
|
|
Sole power to
dispose or to
direct the
disposition of:
|
|
|
Shared power
to dispose or to
direct the
disposition of3:
|
|
Lincoln Park Capital Fund, LLC
|
|
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965,723
|
|
|
|
9.99
|
%
|
|
|
0
|
|
|
|
965,723
|
|
|
|
0
|
|
|
|
965,723
|
|
Lincoln Park Capital, LLC
|
|
|
965,723
|
|
|
|
9.99
|
%
|
|
|
0
|
|
|
|
965,723
|
|
|
|
0
|
|
|
|
965,723
|
|
Rockledge Capital Corporation
|
|
|
965,723
|
|
|
|
9.99
|
%
|
|
|
0
|
|
|
|
965,723
|
|
|
|
0
|
|
|
|
965,723
|
|
Joshua B. Scheinfeld
|
|
|
965,723
|
|
|
|
9.99
|
%
|
|
|
0
|
|
|
|
965,723
|
|
|
|
0
|
|
|
|
965,723
|
|
Alex Noah Investors, Inc.
|
|
|
965,723
|
|
|
|
9.99
|
%
|
|
|
0
|
|
|
|
965,723
|
|
|
|
0
|
|
|
|
965,723
|
|
Jonathan I. Cope
|
|
|
965,723
|
|
|
|
9.99
|
%
|
|
|
0
|
|
|
|
965,723
|
|
|
|
0
|
|
|
|
965,723
|
|
|
1
|
Represents (i) 950,000 shares of Common Stock purchased
by LPC Fund directly from the Issuer in a in a private placement transaction completed on February 20, 2020 (the “Private
Placement”), representing approximately 9.17% of the outstanding shares of Common Stock as of February 20, 2020 (based on
information provided by the Issuer stating that there were a total of 9,652,261 shares of Common Stock outstanding as of February
20, 2020 giving effect to the issuance of an aggregate of 950,000 shares of Common Stock to LPC Fund in the Private Placement),
and (ii) 15,723 shares of Common Stock underlying a currently exercisable warrant also purchased by LPC Fund directly from the
Issuer in the Private Placement (the “Series A Warrant”), representing the approximate maximum number of shares (in
addition to the 950,000 outstanding shares of Common Stock referred to in clause (i) above) that may be acquired by LPC Fund upon
exercise of the Series A Warrant without exceeding the 9.99% beneficial ownership limitation contained in such Series A Warrant.
The number of shares of Common Stock beneficially owned excludes an aggregate of 2,147,117 shares of Common Stock, consisting
of (i) an aggregate of 590,697 shares of Common Stock underlying the Series A Warrant purchased by LPC Fund in the Private Placement
which, as of the date of this statement, may not be issued to LPC Fund upon exercise of the Series A Warrant because the issuance
of any such shares to LPC Fund would cause the Reporting Persons to exceed the 9.99% beneficial ownership limitation contained
in such warrants, and (ii) 1,556,420 shares of Common Stock underlying a warrant also purchased by LPC Fund directly
from the Issuer in the Private Placement (the “Series B Warrant”) because the Series B Warrant cannot be exercised
prior to August 20, 2020, which is more than 60 days after the date this statement was filed with the Securities and Exchange
Commission (the “SEC”). The Series A Warrant is currently exercisable at a price of $0.01 per share (subject to adjustment
as provided in the Series A Warrant), subject to a 9.99% beneficial ownership cap that prohibits the issuance of shares of Common
Stock upon exercise of the Series A Warrant to the extent such issuance would cause the holder’s beneficial ownership of
Common Stock (as calculated pursuant to Section 13(d) of the Act and Rule 13d-3 promulgated thereunder,) to exceed 9.99% of the
outstanding Common Stock, and expires on February 20, 2025. The Series B Warrant may be exercised for a period of five years following
the Initial Exercise Date at an exercise price of $1.16 per share (subject to adjustment as provided in the Series B Warrant),
subject to a 9.99% beneficial ownership cap that prohibits the issuance of shares of Common Stock upon exercise of the Series
A Warrant to the extent such issuance would cause the holder’s beneficial ownership of Common Stock (as calculated pursuant
to Section 13(d) of the Act and Rule 13d-3 promulgated thereunder) to exceed 9.99% of the outstanding Common Stock. The Series
A Warrant and the Series B Warrant each include a customary “cashless” exercise provision, which may be used to acquire
underlying shares of Common Stock if at the time of exercise an effective registration statement registering the resale of such
shares under the Securities Act of 1933, as amended (the “Securities Act”), is not available to the warrant holder.
|
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2
|
Based on the information provided by the Issuer to LPC
Fund in connection with the Private Placement, there was a total of 9,652,261 shares of Common Stock outstanding as of February
20, 2020, after giving effect to the issuance of an aggregate of 950,000 shares of Common Stock to LPC Fund in the Private Placement.
Pursuant to Rule 13d-3(d)(1)(i) under the Act, the denominator used in the calculation for the percentage of class owned by the
Reporting Persons, assumes the issuance of 15,723 shares of Common Stock underlying the Series A Warrant, representing the approximate
maximum number of shares (in addition to the 950,000 outstanding shares of Common Stock referred to in the prior sentence) that
may be acquired by LPC Fund upon exercise of the Series A Warrant without exceeding the 9.99% beneficial ownership limitation
contained in such Series A Warrant. Therefore, as of the date of this statement, the Reporting Persons may be deemed to beneficially
own an aggregate of 965,723 shares of Common Stock (as calculated pursuant to Section 13(d) of the Act, and Rule 13d-3 promulgated
thereunder), representing 9.99% of the outstanding shares of Common Stock (based on such information regarding the outstanding
shares of Common Stock supplied by the Issuer to LPC Fund).
|
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3
|
Represents the total number of shares of Common Stock
beneficially owned by the Reporting Persons as of the date of this statement (as calculated pursuant to Section 13(d) of the Act
and Rule 13d-3 promulgated thereunder), as described in Footnote 1 above.
|
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 11 of 13
|
As of February 20, 2020, LPC Fund beneficially
owned, directly, the following securities of the Issuer: (i) 950,000 shares of Common Stock, purchased by LPC Fund directly from
the Issuer in the Private Placement, (ii) 7,248 shares of Common Stock are currently exercisable under the Series A Warrant to
purchase up to 606,420 shares of Common Stock, which is currently exercisable at a price of $0.01 per share (subject to adjustment
as provided in the Series A Warrant) and expires on February 20, 2025, due to a 9.99% beneficial ownership cap whereby only 15,723
shares of Common Stock are currently exercisable and (iii) 0 shares of Common Stock are currently exercisable under the Series
B Warrant to purchase up to 1,556,420 shares of Common Stock at a price of $1.16 per share (subject to adjustment as provided in
the Series B Warrant ), which is not exercisable until the Initial Exercise Date and may be exercised for a period of five years
following the Initial Exercise Date, due to a 9.99% beneficial ownership cap. In addition to the limitations under the beneficial
ownerships cap, pursuant to Rule 13d-3(d)(1)(i) under the Act, as of February, 2020, LPC Fund does not beneficially own the 1,556,420
shares of Common Stock underlying the Series B Warrant because the Series B Warrant cannot be exercised prior to the Initial Exercise
Date of August 20, 2020 and, therefore, none of the shares of Common Stock underlying the Series B Warrant may be acquired by LPC
Fund within 60 days of the date this statement was filed with the SEC. The Series A Warrant and the Series B Warrant each include
a customary “cashless” exercise provision, which may be used to acquire underlying shares of Common Stock if at the
time of exercise an effective registration statement registering the resale of such shares under the Act is not available to the
warrant holder.
LPC is the Managing Member of LPC Fund.
RCC and Alex Noah are the Managing Members of LPC. Mr. Scheinfeld is the president and sole shareholder of RCC, as well as a principal
of LPC. Mr. Cope is the president and sole shareholder of Alex Noah, as well as a principal of LPC. As a result of the foregoing,
Mr. Scheinfeld and Mr. Cope have shared voting and shared investment power over the shares of Common Stock of the Issuer held directly
by LPC Fund.
Pursuant to Section 13(d) of the Act and
the rules thereunder, each of LPC, RCC, Mr. Scheinfeld, Alex Noah, and Mr. Cope may be deemed to be a beneficial owner of the shares
of Common Stock of the Issuer beneficially owned directly by LPC Fund.
The foregoing should not be construed in
and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another
Reporting Person. Pursuant to Rule 13d-4 of the Act, each of LPC, RCC, Mr. Scheinfeld, Alex Noah, and Mr. Cope disclaims beneficial
ownership of the shares of Common Stock of the Issuer held directly by LPC Fund.
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 12 of 13
|
Item 5.
|
Ownership of Five Percent or Less of a Class.
|
If
this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check the following ¨.
Item 6.
|
Ownership of More Than Five Percent on Behalf of Another
Person.
|
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Not applicable.
|
Item 7.
|
Identification and Classification of Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control Person.
|
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Not applicable.
|
Item 8.
|
Identification and Classification of
Members of the Group.
|
|
Not applicable.
|
Item 9.
|
Notice of Dissolution of Group.
|
|
Not applicable.
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Item 10.
|
Certifications.
|
By signing below I
certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction having that purpose or effect.
SCHEDULE 13G
CUSIP NO. 10802T105
|
Page 13 of 13
|
SIGNATURE
After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: February 27, 2020
LINCOLN PARK CAPITAL FUND, LLC
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LINCOLN PARK CAPITAL, LLC
|
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BY:
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LINCOLN PARK CAPITAL, LLC
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BY:
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ROCKLEDGE CAPITAL CORPORATION
|
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BY:
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ROCKLEDGE CAPITAL CORPORATION
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By:
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/s/ Joshua B. Scheinfeld
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By:
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/s/ Joshua B. Scheinfeld
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Name:
|
Joshua B. Scheinfeld
|
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Name:
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Joshua B. Scheinfeld
|
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Title:
|
President
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Title:
|
President
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LINCOLN PARK CAPITAL FUND, LLC
|
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LINCOLN PARK CAPITAL, LLC
|
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BY:
|
LINCOLN PARK CAPITAL, LLC
|
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BY:
|
ALEX NOAH INVESTORS, INC.
|
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BY:
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ALEX NOAH INVESTORS, INC.
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|
By:
|
/s/ Jonathan I. Cope
|
|
By:
|
/s/ Jonathan I. Cope
|
|
Name:
|
Jonathan I. Cope
|
|
|
Name:
|
Jonathan I. Cope
|
|
Title:
|
President
|
|
|
Title:
|
President
|
|
|
|
ROCKLEDGE CAPITAL CORPORATION
|
|
ALEX NOAH INVESTORS, INC.
|
|
|
|
|
|
|
By:
|
/s/ Joshua B. Scheinfeld
|
|
By:
|
/s/ Jonathan I. Cope
|
|
Name:
|
Joshua B. Scheinfeld
|
|
|
Name:
|
Jonathan I. Cope
|
|
Title:
|
President
|
|
|
Title:
|
President
|
|
|
|
JOSHUA B. SCHEINFELD
|
|
JONATHAN I. COPE
|
|
|
|
|
|
|
By:
|
/s/ Joshua B. Scheinfeld
|
|
By:
|
/s/ Jonathan I. Cope
|
|
Name:
|
Joshua B. Scheinfeld
|
|
|
Name:
|
Jonathan I. Cope
|
|
Title:
|
President
|
|
|
Title:
|
President
|
LIST OF EXHIBITS
Exhibit No.
|
Description
|
|
|
1
|
Joint Filing Agreement
|
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