Business
Dermata Therapeutics Provides Corporate Update and Reports First Quarter 2023 Financial Results
- Dermata raised $5 million gross proceeds from a public offering in March 2023 -- Dermata submitted an End of Phase 2 meeting package to FDA in April 2023 --
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"- Dermata raised $5 million gross proceeds from a public offering in March 2023 -- Dermata submitted an End of Phase 2 meeting package to FDA in April 2023 -- FDA agreed that Dermata's chemistry, manufacturing, and control (\"CMC\") procedures support the initiation of Phase 3 studies of DMT310 for the treatment of acne -SAN DIEGO, CA / ACCESSWIRE / May 11, 2023 / Dermata Therapeutics, Inc. (NASDAQ:DRMA)(NASDAQ:DRMAW) (\"Dermata,\" or the \"Company\"), a clinical-stage biotechnology company focusing on the treatment of medical and aesthetic skin diseases and conditions, today highlighted recent corporate progress, and reported financial results for the first quarter ended March 31, 2023.\"We are very encouraged by FDA's agreement that our current CMC procedures for DMT310 are adequate to support progressing DMT310 into our Phase 3 program in moderate-to-severe acne. This was a big hurdle for Dermata as DMT310 is a novel product candidate and potentially could be the first naturally-derived prescription product for the treatment of acne,\" said Gerry Proehl, Dermata's Chairman, President, and Chief Executive Officer. \"We are also excited to have submitted our DMT310 End of Phase 2 meeting package to FDA, which will allow Dermata an opportunity to engage FDA in a discussion regarding our proposed Phase 3 clinical program for acne. We believe we have met all the requirements to move forward with our Phase 3 acne program and look forward to receiving FDA feedback by the end of June 2023,\" continued Mr. Proehl. \"Being able to initiate the DMT310 Phase 3 acne program will be a significant step for Dermata as I am confident we can build upon the positive results we saw in our DMT310 Phase 2b acne study,\" concluded Mr. Proehl.Corporate HighlightsDermata successfully closed a $5.0 million public offering priced at-the-market under Nasdaq rules. Dermata closed a 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, for aggregate gross proceeds of $5.0 million, before deducting the placement agent's...