A California-based %Biotech firm turned heads on Wednesday after the company announced that it filed a shelf registration statement for the potential sale of up to $100 million of its securities from time to time, according to the release. This sent shares of %DermataTherapeutics () soaring.
Dermata Therapeutics Inc is a clinical-stage %MedicalDermatology company focused on identifying, developing, and commercializing pharmaceutical product candidates for the treatment of medical and aesthetic skin conditions and diseases. Its two product candidates, DMT310 and DMT410, incorporate its proprietary, multifaceted, Spongilla technology to topically treat a variety of dermatological conditions. Its Spongilla technology platform will enable to develop and formulate singular and combination products that are able to target topical delivery of chemical compounds into the dermis for maximum treatment effect for a variety of inflammatory skin diseases.
As previously mentioned, traders were bullish on this news as they pushed shares up to $0.745/share (+11.19%) at the session high (at the time of writing).