Dermata Therapeutics, a Phase 3-ready biotech developing therapies for skin conditions using freshwater sponge, announced terms for its IPO on Friday.
The San Diego, CA-based company plans to raise $15 million by offering 1.9 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Dermata Therapeutics would command a fully diluted market value of $63 million.
Dermata is focused on the treatment of medical and aesthetic skin conditions using its Spongilla technology platform, which is based on the use of a naturally growing freshwater sponge, Spongilla lacustris. Its lead candidate, DMT310, is a once-weekly topical product currently under clinical development for acne, psoriasis, and rosacea. The company recently received results from its Phase 2b trial of DMT310 for the treatment of moderate-to-severe acne, and it plans to initiate two pivotal Phase 3 trials in the 2H22, with top-line results expected in the 1H24.
Dermata Therapeutics was founded in 2014 and plans to list on the Nasdaq under the symbol DRMA. Maxim Group LLC is the sole bookrunner on the deal.
