Dermata Therapeutics closes $12.4 million private placement

Dermata Therapeutics, Inc. (NASDAQ: DRMA) announced the completion of a private placement that raised $4.1 million upfront with potential for up to $8.3 million in additional proceeds if warrants are exercised.

The company issued 2,022,062 shares of common stock and pre-funded warrants at $2.04 per share, along with series C and series D warrants to purchase additional shares at the same exercise price. The series C warrants expire five years after stockholder approval, while series D warrants expire in 24 months.

Company insiders, including the chief executive officer, chief financial officer and management team members, participated in the offering. H.C. Wainwright & Co. served as the exclusive placement agent.

Dermata plans to use the proceeds for consumer research studies, pre-launch activities for its over-the-counter acne kit, potential acquisitions, licensing activities and working capital. The company targets a mid-2026 launch for its acne treatment product that combines an active ingredient from the OTC acne monograph with its Spongilla technology.

The company also amended previously issued warrants for 120,734 shares, reducing their exercise price from $12.70 to $2.04 per share. These amended warrants will expire five years after stockholder approval.

The securities were offered through a private placement under federal securities law exemptions and have not been registered with the Securities and Exchange Commission. The company agreed to file a resale registration statement covering the securities.

You May Also Be Interested In

• Venu Holding enters $250 million at-the-market stock offering agreement
• M3-Brigade cancels shareholder meeting after terminating ReserveOne deal
• AMETEK secures $7.5 billion in credit facilities for Indicor acquisition