Business
Dermata Therapeutics Provides Corporate Update and Reports Second Quarter 2022 Financial Results
Dermata completes a $5.0 million private placement financing in April 2022DMT310 Phase 2 rosacea trial topline results expected in the second half of 2022SAN
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"Dermata completes a $5.0 million private placement financing in April 2022DMT310 Phase 2 rosacea trial topline results expected in the second half of 2022SAN DIEGO, CA / ACCESSWIRE / August 15, 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 June 30, 2022.\"It is a big step for our DTM310 rosacea program to have fully enrolled our Phase 2 study in moderate-to-severe rosacea. If successful, this could be the first once-weekly topical product for the treatment of rosacea and could cause a shift in how this disease is treated,\" commented Gerry Proehl, Dermata's Chairman, President, and Chief Executive Officer. \"We also continue to explore partnering opportunities with botulinum toxin companies to advance our DMT410 program into later stages of development. We believe DMT410's ability to facilitate the intradermal delivery of botulinum toxin via topical applications could provide a more targeted and safer delivery option for hyperhidrosis and aesthetic skin conditions,\" concluded Mr. Proehl.Corporate HighlightsIn April 2022, Dermata successfully closed a $5.0 million private placement. The Company closed a private placement with a single institutional investor of 898,585 shares of the Company's common stock, pre-funded warrants to purchase up to 2,875,000 shares of common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants to purchase up to 3,773,585 shares of common stock, for net proceeds of $4.3 million, after deducting the placement agent's fees and other offering expenses. The private placement was priced at the market under Nasdaq rules.Enrollment completed in DMT310 Phase 2 moderate-to-severe rosacea study. In June 2022, the Company completed enrollment of a Phase 2 study of once-weekly treatment of DMT310 in moderate-to-severe rosacea. The treatment phase of the study is ongoing.Anticipated Upcoming MilestonesDMT310 Phase 2 results in moderate-to-severe rosacea. The Company expects to receive topline results in the second half of 2022. The trial is a 12-week, double-blinded, randomized, placebo-controlled study with 180 patients enrolled at 20 clini...