SAN DIEGO - Dermata Therapeutics, Inc. (NASDAQ:DRMA), a pharmaceutical company, announced on Thursday an increase in the maximum aggregate offering price of its common stock. The offering, under an agreement with H.C. Wainwright & Co., is now expanded by $505,000, bringing the total to $1,662,761.
The company, based in San Diego, California, had previously sold $1,157,247.99 of shares under the At The Market Offering Agreement dated June 7, 2024. This expansion is accompanied by a filed prospectus supplement for the additional $505,000 worth of shares.
This financial move is part of Dermata's ongoing strategy to strengthen its capital position through the sales agreement with the investment bank. The shares of common stock have a par value of $0.0001 each.
Dermata Therapeutics, operating under the pharmaceutical preparations industry, has provided a legal opinion from Lowenstein Sandler LLP regarding the legality of the shares offered. This opinion is included as part of the company's SEC filings, alongside the consent of Lowenstein Sandler LLP.
The company's business address is at 3525 Del Mar Heights Rd., #322, San Diego, CA 92130, and it is incorporated in Delaware. Dermata Therapeutics has identified itself as an emerging growth company and has elected not to use the extended transition period for complying with new or revised financial accounting standards.
The announcement made today is based on a press release statement and aims to provide the market with the latest information regarding Dermata Therapeutics' financial activities. The company's common stock and warrants are both listed on The Nasdaq Capital Market under the symbols DRMA and DRMAW, respectively.
In other recent news, Dermata Therapeutics, a biotech firm, has announced agreements for the immediate exercise of warrants issued in November and May 2023. The warrants, totaling 516,336 shares, are now exercisable at $5.16 per share, with the transaction set to close by May 21, 2024. H.C. Wainwright & Co. is serving as the exclusive placement agent for the transaction, with Dermata issuing new Series A and Series B warrants as an incentive for the cash exercise of the existing warrants.
The company expects gross proceeds of approximately $2.66 million from this exercise, which is intended for general corporate purposes, including research, clinical trials, and potential acquisitions or licensing activities. Dermata has committed to filing a registration statement with the SEC for the resale of the shares of common stock issuable upon exercise of the new warrants. These are the latest developments in the company's ongoing operations.
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