Veradermics (NYSE: MANE) announced it has launched a proposed public offering of 3.35 million shares of common stock and pre-funded warrants. The dermatologist-founded biopharmaceutical company focuses on developing therapeutics for pattern hair loss.

All shares and pre-funded warrants are being offered by Veradermics. Underwriters have a 30-day option to purchase up to an additional 502,500 shares at the public offering price, less underwriting discounts and commissions.

The company expects to enter into a securities purchase agreement for a concurrent private placement with entities affiliated with Suvretta Capital. Under this arrangement, pre-funded warrants sold in the private placement will reduce the public offering on a one-for-one basis. The aggregate number of securities issued in both transactions will be 3.35 million.

Jefferies, Leerink Partners, Citigroup and Cantor serve as joint bookrunning managers for the offering. LifeSci acts as passive bookrunner, while Needham & Company serves as lead manager.

The registration statement filed with the Securities and Exchange Commission has not yet become effective. The offering remains subject to market conditions and may differ in timing, size or terms from current expectations.

Veradermics develops its lead program VDPHL01 as an oral, non-hormonal treatment for pattern hair loss in men and women. The treatment uses an extended-release formulation of minoxidil designed to maximize hair restoration while minimizing cardiac activity risks.

The private placement securities will not be registered under the Securities Act of 1933 and may only be sold pursuant to an effective registration statement or applicable exemption.