Dermata Therapeutics, a Phase 3-ready biotech developing therapies for skin conditions using freshwater sponge, raised $18 million by offering 2.6 million units at $7, the low end of the range of $7 to $9. The company offered 0.7 million more units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $7. Because the company offered units with warrants attached, Dermata Therapeutics will be excluded from Renaissance Capital's stats.
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 plans to list on the Nasdaq under the symbol DRMA. Maxim Group LLC acted as sole bookrunner on the deal.
