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Dermata Therapeutics Announces Closing of $5.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules
SAN DIEGO, CA / ACCESSWIRE / April 25, 2022 / Dermata Therapeutics, Inc. ("Dermata," or the "Company") (NASDAQ:DRMA) (NASDAQ:DRMAW), a clinical-stage
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / April 25, 2022 / Dermata Therapeutics, Inc. (\"Dermata,\" or the \"Company\") (NASDAQ:DRMA) (NASDAQ:DRMAW), a clinical-stage biotechnology company focusing on the treatment of medical and aesthetic skin conditions, today announced the closing of its previously announced private placement with a single institutional investor of 3,773,585 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants to purchase up to an aggregate of 3,773,585 shares of common stock, for aggregate gross proceeds of $5.0 million, before deducting the placement agent's fees and other offering expenses payable by the Company.Each share of common stock (or pre-funded warrant in lieu thereof) was sold together with one warrant to purchase one share of common stock at a combined purchase price of $1.325. The warrants are exercisable for a period of five years from the date of issuance and have an exercise price of $1.325 per share.Maxim Group LLC is acted as the sole placement agent for the offering.Dermata currently intends to use the net proceeds from the offering for working capital and general corporate purposes.The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\") and Regulation D promulgated thereunder and in a transaction not involving a public offering and have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.In connection with the private placement, Dermata entered into a registration rights agreement with the investor, whereby the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the \"SEC\") for the resale of the securities issued in the private placement, including the shares of common stock underlying warrants issued in the private placement.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale...