Dermata dives after announcing $10 mln equity offering

Dermata Therapeutics

07/02/2022 13:57

** Dermata Therapeutics  DRMA.O  shares down 23.4% at $1.70
premarket as co looks to raise equity
    ** Co late Fri announced https://www.sec.gov/Archives/edgar/data/1853816/000165495422001137/drma_fwp.htm
 $10 mln follow-on offering consisting of shares, or pre-funded
warrants in lieu of shares, and warrants
    ** DRMA plans to use offering proceeds to fund development
of its topical treatments for acne, psoriasis and rosacea
    ** Co has ~8.3 mln shares outstanding, per Refinitiv data,
and ~4.4 mln shares of free float
    ** Offering anticipated to price this week
    ** Maxim Group sole bookrunner
    ** Shares have gained 27.6% YTD. But stock well below the $7
Aug IPO price when co raised $18 mln  urn:newsml:reuters.com:*:nACS7TPpKa

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))