Ann: Trading Halt, page-101

Permetrix is the vehicle and has its own patent protection

The IP for Btx1503 is the use of cbd to treat acne. There is no FDA approval in place for this. Just as GW pharma have ip to use cbd to treat epilepsy. No other company could piggyback GW and put out their own cbd pill and say it treats epilepsy just because GW proved it did. GW made the investment and as such they have protection through the fda.

it's first mover positioning.

Imho bot will have exclusivity with the fda for cbd treatment for acne. Meaning doctors can prescribe the drug now known as btx1503 and no other company could attempt to make a similar product as another cbd product for acne wouldn't be novel and therefore not be considered by the fda.

What it means for the plethora of cosmetic makers out there using cbd in their formulatins is a different argument but atm they cannot claim that their products treat acne. And most of them cannot be sold in pharmacies. I don't believe this would change upon bot gaining approval for btx1503. But this may be an area where the patents are tested.
.
Either way a doctor is not going to say to his patient to go out and buy a cosmetic to treat their severe acne. They are going to write a script.

Somebody correct me if I'm wrong but thats my take.