Business
Dermata Therapeutics Provides Corporate Update and Reports First Quarter 2022 Financial Results
Dermata completes a $5.0 million private placement financingDMT310 Phase 2 rosacea trial topline results expected in H2 2022SAN DIEGO, CA / ACCESSWIRE / May
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"Dermata completes a $5.0 million private placement financingDMT310 Phase 2 rosacea trial topline results expected in H2 2022SAN DIEGO, CA / ACCESSWIRE / May 16, 2022 / Dermata Therapeutics, Inc. (NASDAQ:DRMA; DRMAW) (\"Dermata\" or the \"Company\"), a clinical-stage biotechnology company focusing on the treatment of medical and aesthetic skin conditions, today highlighted recent corporate progress and reported financial results for the quarter ended March 31, 2022.\"We are excited to be 90% enrolled in our Phase 2 moderate-to-severe rosacea trial using once weekly treatments of DMT310. Once completed, we expect to receive topline results in the second half of 2022,\" commented Gerry Proehl, Dermata's Chairman, President, and Chief Executive Officer. \"We are also happy to report that we recently closed a $5.0 million private placement financing priced at-the-market under Nasdaq rules. This additional capital will help us prepare for an end of Phase 2 meeting with the FDA for DMT310 for the treatment of moderate-to-severe acne in anticipation of the Phase 3 program,\" concluded Mr. Proehl.Corporate HighlightsIn April 2022, Dermata successfully closed a $5.0 million private placement priced at-the-market under Nasdaq rules. The Company closed a private placement with a single institutional investor of 898,585 shares (\"Shares\") of the Company's common stock, pre-funded warrants to purchase up to 2,875,000 shares of common stock and warrants to purchase up to 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.Dermata initiated the nonclinical program for DMT310 in preparation for requesting an end of Phase 2 meeting with the Food and Drug Administration (FDA). In February 2022, the Company received feedback from the FDA on the nonclinical studies and the pharmacokinetic (PK) study that must be conducted at this stage of development for DMT310. The Company has initiated the required nonclinical studies and plans to initiate the PK study in the next months with the plan to complete these required studies and request an end of Phase 2 meeting with the FDA in H1 2023.Anticipated Upcoming MilestonesDMT310 Phase 2 results in moderate-to-severe rosacea. In November 2021, the Company enrolled its first patient in a P...