Business
Dermata Therapeutics, Inc. Announces Closing of Upsized $18.0 Million Initial Public Offering
SAN DIEGO, CA / ACCESSWIRE / August 17, 2021 / Dermata Therapeutics, Inc. ("Dermata" or the "Company") (NASDAQ:DRMA, DRMAW), a clinical-stage medical
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / August 17, 2021 / Dermata Therapeutics, Inc. (\"Dermata\" or the \"Company\") (NASDAQ:DRMA, DRMAW), a clinical-stage medical dermatology company focused on identifying, developing and commercializing innovative pharmaceutical product candidates for the treatment of medical and aesthetic skin diseases and conditions, today announced the closing of its previously announced initial public offering of 2,571,428 shares of its common stock and accompanying warrants to purchase up to 2,571,428 shares of common stock. Each share of common stock was sold together with one warrant to purchase one share of common stock with an exercise price of $7.00 per share at a combined offering price of $7.00, for gross proceeds of approximately $18.0 million, before deducting underwriting discounts and offering expenses. In addition, Dermata has granted the underwriters a 45-day option to purchase up to an additional 385,714 shares of common stock and/or warrants to purchase 385,714 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 385,714 warrants. All of the shares of common stock and warrants were offered by the Company.The shares of common stock and warrants began trading on the Nasdaq Capital Market on August 13, 2021, under the symbols \"DRMA\" and \"DRMAW,\" respectively.The Company intends to use substantially all of the net proceeds from the offering to advance the clinical development of DMT310 for the treatment of rosacea and psoriasis, to advance the clinical development of DMT410 for the treatment of various aesthetic indications, to fund its planned non-clinical trials and the pharmacokinetic study for its DMT310 program, for manufacturing drug product for its clinical trials in acne, rosacea and psoriasis, for a payment to a licensor, and for working capital and other general corporate purposes.Maxim Group LLC acted as the sole book-running manager and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as a co-manager in connection with the offering.A registration statement on Form S-1 (File Nos. 333-256997 and 333-258772) was filed with the Securities and Exchange Commission (\"SEC\"), which became effective on August 12, 2021. A final prospect...