Business
Dermata Therapeutics Provides Corporate Update and Reports Second Quarter 2023 Financial Results
- Raised an aggregate of $6.8 million in gross proceeds from two financings completed in 1H 2023 -- Received positive feedback on its End of Phase 2 meeting
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"- Raised an aggregate of $6.8 million in gross proceeds from two financings completed in 1H 2023 -- Received positive feedback on its End of Phase 2 meeting package from FDA in June 2023 -- Phase 3 STAR-1 study is projected to start enrolling patients in the 2H 2023 -SAN DIEGO, CA / ACCESSWIRE / August 10, 2023 / Dermata Therapeutics, Inc. (Nasdaq: DRMA; 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 second quarter ended June 30, 2023.\"The second quarter was another crucial period for our team where we successfully raised additional capital to extend our runway into the second quarter of 2024 and we received positive feedback from FDA on our End of Phase 2 meeting package. We are excited that FDA agreed that our Phase 3 clinical study design appeared acceptable to support filing a new drug application and we have submitted amendments to the Phase 3 protocols to include some additional safety testing as recommended by FDA,\" said Gerry Proehl, Dermata's Chairman, President, and Chief Executive Officer. \"We are currently completing the manufacturing of the drug product and placebo batches for the Phase 3 clinical trials in anticipation of final agreement with FDA to initiate the Phase 3 clinical program,\" concluded Mr. Proehl.Corporate HighlightsDermata successfully closed a $1.8 million offering in May 2023 priced at-the-market under Nasdaq rules. The Compnay closed a registered direct offering of an an aggregate of 800,877 shares of the Company's common stock (or pre-funded warrants in lieu thereof) and accompanying warrants to purchase up to 800,877 shares of common stock at a combined offering price of $2.285 per share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant, for aggregate gross proceeds of $1.8 million, before deducting the placement agent's fees and other offering expenses payable by the Company.FDA provided responses to the Company's End of Phase 2 Meeting Package in June 2023. The Company received responses from FDA on the Company's End of Phase 2 meeting package including an agreement that (1) the Company's nonclinical program appears reasonable to support Phase 3 clinical trials, (2...