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Dermata Therapeutics Announces $1.8 Million Offering Priced At-The-Market Under Nasdaq Rules
Dermata Therapeutics Announces $1.8 Million Offering Priced At-The-Market Under Nasdaq RulesSAN DIEGO, CA / ACCESSWIRE / May 24, 2023 / Dermata Therapeutics,
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"Dermata Therapeutics Announces $1.8 Million Offering Priced At-The-Market Under Nasdaq RulesSAN DIEGO, CA / ACCESSWIRE / May 24, 2023 / Dermata Therapeutics, Inc. (\"Dermata,\" or the \"Company\") (Nasdaq:DRMA; DRMAW), a clinical-stage biotechnology company focusing on the treatment of medical and aesthetic skin diseases and conditions, today announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 800,877 shares of its common stock (or common stock equivalents in lieu thereof), at a purchase price of $2.285 per share of common stock (or common stock equivalent in lieu thereof), in a registered direct offering priced at-the-market under Nasdaq rules. The Company has also agreed to issue to each investor, in a concurrent private placement, warrants to purchase up to an aggregate of 800,877 shares of common stock. The warrants will have an exercise price of $2.16 per share, are immediately exercisable upon issuance, and will expire five and one-half years from the date of issuance. The closing of the registered direct offering and the concurrent private placement is expected to occur on or about May 26, 2023, subject to the satisfaction of customary closing conditions.H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.The gross proceeds to the Company from the registered direct offering and the concurrent private placement are expected to be approximately $1.8 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds 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 (excluding the warrants and the shares of common stock underlying the warrants) are being offered and sold by the Company in a registered direct offering...