Dermata slumps as skin disease drug fails in mid-stage study

Dermata Therapeutics

05/12/2022 15:00

** Shares of drug developer Dermata Therapeutics Inc
 DRMA.O  sink ~63%, hitting a record low of 22 cents 
    ** Co says drug DMT310 did not meet goal in mid-stage study
testing it as a treatment for moderate-to-severe rosacea, a skin
disease which causes red patches and visible blood vessels on
the face
    ** DRMA adds that drug showed positive results in mid-stage
study for treating moderate-to-severe acne, data supports
development as a treatment for inflammatory skin diseases
    **  Co says the drug produced no serious adverse events
related to treatment 
    ** Co says will focus on preparing for its end of Phase 2
meeting with U.S. health regulator for DMT310 for treating acne,
initiating Phase 3 acne program in 2023
    ** Including session's losses, stock down ~64% YTD 
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))