Dermata Therapeutics, Inc. (Nasdaq: DRMA) confirmed the initial public offering of 1,875,000 shares of its common stock on July 2. The common stock will be priced between $7.00 and $9.00 per share, according to Dermata’s Form S-1/A.
Dermata Therapeutics was founded in 2014 and is a clinical-stage biotechnology company that focuses on the treatment of medical and aesthetic skin conditions. The La Jolla company plans on receiving net proceeds of approximately $12.95 million based on an assumed mid-price of $8.00 per share as outlined in the IPO filing.
“We intend to use substantially all of the net proceeds from this offering to complete our planned non-clinical trials and the pharmacokinetic study for the DMT310 program, to advance the clinical development of DMT310 for the treatment of rosacea and psoriasis, to advance the clinical development of DMT410 for the treatment of various aesthetic indications, for manufacturing drug product for our clinical trials in acne, rosacea and psoriasis, and for working capital and other general corporate purposes,” according to Dermata’s Form S-1/A.
The local biotechnology company previously filed a form S-1 announcing its IPO without pricing terms on June 10. The company plans to list its shares of common stock for trading on the Nasdaq Capital Market under the symbol “DRMA.”