Veradermics Inc., a New Haven-based biopharmaceutical company, said Thursday it has closed a $150 million Series C financing round.
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Veradermics Inc., a New Haven-based biopharmaceutical company, said Thursday it has closed a $150 million Series C financing round.
The financing round, which was oversubscribed, was led by SR One, with participation from new investors Viking Global Investors; Marshall Wace; Invus; funds managed by abrdn Inc.; Columbia Threadneedle Investments; Infinitium; LifeSci Venture Partners; and current investors including Longitude Capital, Suvretta Capital Management, Surveyor Capital (a Citadel company) and other undisclosed investors.
In conjunction with the financing, Katarina Pance, an investor at SR One, has joined the Veradermics’ board of directors.
“We are very proud to back Veradermics as they advance a program that could meaningfully impact both patient outcomes and the dermatology market at large,” Pance said.
The latest financing round more than doubles the company’s funding; as of December, it had raised $113 million.
Founded by dermatologists Dr. Reid Waldman and Dr. Tim Durso in 2019, the company is developing therapeutics to treat a variety of skin conditions.
Proceeds from the latest financing round will fund ongoing clinical trials for VDPHL01, an investigational medicine for androgenetic alopecia (AGA), known as pattern hair loss in men and women. This includes a Phase 2/3 pivotal trial for the study of the drug in hair loss.
AGA and pattern hair loss affects nearly 80 million people in the U.S.
On Thursday, Veradermics also announced positive preliminary data from the male cohort in its Phase 2 trial for VDPHL01 and said proceeds from the recent funding round will help advance and complete the Phase 3 trials.