Dermata Therapeutics, a biotechnology company developing new and innovative products to treat a variety of dermatological diseases, today announced it has completed a $5 million Series 1a financing and entered into a $5 million credit facility with Silicon Valley Bank (SVB). Dermata intends to use the capital for general corporate purposes to further Dermata’s mission of making major advancements in the treatment of serious diseases treated by dermatologists.
“We believe this funding strategy will provide us with the necessary capital to complete our two ongoing Phase 2 clinical studies with our lead candidate DMT210 in atopic dermatitis and rosacea. Moreover, it aligns us with a premier partner in SVB, helping us manage our cost of capital moving forward and providing the opportunity for significant value creation for our unit holders,” states Gerald Proehl, President and CEO of Dermata.
Dermata received $2.5 million at closing and, under the terms of the agreement, will receive an additional $2.5 million later this year, subject to achievement of certain specified milestones.
