Business
Dermata Therapeutics Provides Corporate Update and Reports Third Quarter 2024 Financial Results
- Dermata nears completion of enrollment in its DMT310 Phase 3 Spongilla Treatment of Acne Research (STAR-1) clinical trial -- Dermata continues discussions
About this update from Dermata Therapeutics, Inc.
[{"type":"text","content":"- Dermata nears completion of enrollment in its DMT310 Phase 3 Spongilla Treatment of Acne Research (STAR-1) clinical trial -- Dermata continues discussions with potential botulinum toxin partners for DMT410 -- Raised $5.1 million in gross proceeds from financings completed in 3Q 2024 - SAN DIEGO, CA / ACCESSWIRE / November 13, 2024 / Dermata Therapeutics, Inc. (Nasdaq:DRMA; DRMAW) (\"Dermata,\" or the \"Company\"), a late-stage biotechnology company focused on the treatment of medical and aesthetic skin diseases and conditions, today highlighted recent corporate progress and reported financial results for the third quarter ended September 30, 2024.\"The third quarter was a busy time for our team as we approach completing enrollment in our DMT310 Phase 3 STAR-1 study and were able to raise funds, which we believe will allow us to reach the topline data readout in the STAR-1 study in the first quarter of 2025,\" commented Gerry Proehl, Dermata's Chairman, President, and Chief Executive Officer. \"We believe patients deserve an acne treatment that is safe, well-tolerated, applied only once-a-week, with a significant 45% reduction in inflammatory lesions after just four applications, as seen in our DMT310 Phase 2b acne study. With many unique features and benefits, we believe DMT310 can cause a paradigm shift in the treatment of moderate-to-severe acne, if approved,\" concluded Mr. Proehl.Corporate HighlightsAchieved 50% enrollment in its DMT310 Phase 3 STAR-1 clinical trial in moderate-to-severe acne. After achieving the 50% enrollment milestone in July 2024, Dermata expects to receive topline results from the STAR-1 study in the first quarter of 2025. STAR-1 is the first of two Phase 3 clinical trials, including a long-term extension study, which the Company will need to complete prior to filing a new drug application with the U.S. Food and Drug Administration.Raised $7.8 million in gross proceeds during 2024. The funds raised during 2024, along with the Company's existing cash, is expected to fund its operations into the second quarter of 2025.Anticipated Upcoming MilestonesComplete enrollment in its DMT310 Phase 3 STAR-1 clinical trial in moderate-to-severe acne. Dermata expects to complete enrollment in the STAR-1 study by the end of 2024 and plans to announce topline results from the DMT310 Phase 3 STAR-1 study in the first q...