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Dermata Therapeutics, Inc. (symbol: DRMA) is a clinical-stage biotechnology company based in San Diego, California, focused on the development and commercialization of novel pharmaceutical products for the treatment of medical and aesthetic skin conditions. The company leverages its proprietary Spongilla technology platform to create unique, topical treatments with multifaceted mechanisms of action.
Dermata's lead product candidate, DMT310, is a once-weekly topical treatment derived from a naturally sourced freshwater sponge. Designed to treat inflammatory skin diseases such as acne, rosacea, and psoriasis, DMT310 has shown significant promise in clinical trials. The Phase 3 STAR-1 clinical trial for moderate-to-severe acne is set to start enrolling patients in the second half of 2023, with topline results expected in the first quarter of 2025.
The company's second product candidate, DMT410, employs the Spongilla technology for the needle-free intradermal delivery of botulinum toxin. This product is being developed for the treatment of hyperhidrosis and various aesthetic skin conditions. Recent advancements include the issuance of a Japanese patent for DMT410 and ongoing partnership discussions to further its development.
Financially, Dermata has demonstrated robust fiscal management, raising $6.8 million in gross proceeds from financings in the first half of 2023. As of June 2023, the company reported $8.4 million in cash and cash equivalents. This funding is projected to sustain operations into the second quarter of 2024.
Key milestones include FDA feedback on the Phase 3 clinical trial design for DMT310 and successful capital raises. Dermata continues to focus on advancing its clinical programs and exploring potential partnerships to bring its innovative treatments to market. For more detailed information, visit Dermata's official website.
Dermata Therapeutics (NASDAQ:DRMA, DRMAW) announced significant progress in its development of DMT310, a treatment for moderate-to-severe acne. The FDA has acknowledged that Dermata's Chemistry, Manufacturing, and Controls (CMC) procedures are adequate for initiating Phase 3 studies. Furthermore, the company submitted an end of Phase 2 meeting package to discuss clinical requirements with the FDA. Dermata anticipates receiving feedback on this package by the end of June 2023 and plans to begin Phase 3 trials in the second half of 2023. Upon successful completion of these trials, the company may proceed with a new drug application for DMT310.
Dermata Therapeutics has successfully closed a public offering of 1,618,123 shares of its common stock at an offering price of $3.09 per share, generating approximately $5.0 million in gross proceeds. The offering included accompanying Series A and Series B warrants, both with an exercise price of $2.82 per share. Funds will be used for general corporate purposes, including ongoing research, clinical trials, and potential acquisitions. Additionally, existing warrants previously issued have been amended to reduce their exercise price to $2.82.
Dermata Therapeutics announced a public offering of 1,618,123 shares of common stock at $3.09 per share, including pre-funded warrants, along with Series A and B warrants. The offering, expected to close by March 20, 2023, aims to raise approximately $5 million for corporate purposes, including ongoing research and clinical trials. The exercise price for both Series A and B warrants is set at $2.82 per share. Additionally, existing warrants will be amended to match the new exercise price. H.C. Wainwright & Co. serves as the placement agent. The offering is registered under SEC's Form S-1.
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