Business
Dermata Therapeutics Announces Closing of $5.0 Million Public Offering
SAN DIEGO, CA / ACCESSWIRE / March 20, 2023 / 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 / March 20, 2023 / 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 public offering of 1,618,123 shares of the Company's common stock (or pre-funded warrants in lieu thereof) and accompanying Series A warrants to purchase up to 1,618,123 shares of common stock and Series B warrants to purchase up to 1,618,123 shares of common stock at a combined offering price of $3.09 per share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrants. The Series A warrants have an exercise price of $2.82 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance, and the Series B warrants have an exercise price of $2.82 per share, are exercisable immediately upon issuance and will expire twenty-eight months following the date of issuance.H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.The gross proceeds to the Company from the offering were approximately $5.0 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate purposes, which includes, without limitation, ongoing research and pre-clinical studies, clinical trials, the development of new biological and pharmaceutical technologies, investing in or acquiring companies that are synergistic with or complementary to our technologies, licensing activities related to our current and future product candidates, and to the development of emerging technologies, investing in or acquiring companies that are developing emerging technologies, licensing activities, or the acquisition of other businesses and working capital.The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-270195) originally filed with the Securities and Exchange Commission (\"SEC\") on March 1, 2023 and declared effective on March 16, 2023. The offering was made only by means of a prospectus, which is part of the effective registration statement. Electronic copies of the final prospectus may be obtained for free on the SE...