Business
Dermata Therapeutics Announces Exercise of Warrants for $6.2 Million in Gross Proceeds Priced At-the-Market Under Nasdaq Rules
SAN DIEGO, CA / ACCESS Newswire / March 27, 2025 / Dermata Therapeutics, Inc. (NASDAQ:DRMA)(NASDAQ:DRMAW) ("Dermata," or the "Company"), a late-stage biotechnology company focused on the treatment of medical skin diseases and aesthetic applications, ...
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESS Newswire / March 27, 2025 / Dermata Therapeutics, Inc. (NASDAQ:DRMA)(NASDAQ:DRMAW) ("Dermata," or the "Company"), a late-stage biotechnology company focused on the treatment of medical skin diseases and aesthetic applications, today announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants to purchase an aggregate of 4,834,470 shares of the Company's common stock, having exercise prices of $1.58 and $4.91 per share, issued by Dermata in September 2024 (with respect to 3,825,138 warrants) and May 2024 (with respect to 1,009,332 warrants), at a reduced exercise price of $1.284 per share. The shares of common stock issuable upon exercise of the warrants are registered pursuant to effective registration statements on Form S-3 (File Nos. 333-282223 and 333-280682). The closing of the offering is expected to occur on or about March 28, 2025, subject to satisfaction of customary closing conditions.","length":1000,"tagName":"p"},{"type":"text","content":"H.C. Wainwright & Co. is acting as the exclusive financial advisor to Dermata in connection with the offering.","length":114,"tagName":"p"},{"type":"text","content":"In consideration for the immediate exercise of the warrants for cash, Dermata will issue new unregistered Series A warrants to purchase up to 4,980,806 shares of common stock and new Series B warrants to purchase up to 4,688,134 shares of common stock. The new warrants will have an exercise price of $1.284 per share, will be exercisable upon approval by the Company's shareholders and have a term equal to five years from the date of shareholder approval with respect to Series A warrants, and have a term equal to 18 months from the date of shareholder approval with respect to Series B warrants.","length":603,"tagName":"p"},{"type":"text","content":"The gross proceeds to Dermata from the exercise of the warrants are expected to be approximately $6.2 million, prior to deducting fees and offering expenses. 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 the C...