Veradermics IPO signals biotech investor appetite
Cambridge-based Veradermics raised $256 million in an upsized IPO, suggesting renewed investor interest in late-stage biotech firms.
Veradermics, founded by dermatologists, is focused on turning common dermatology and aesthetic problems into clear, proven care. Their lead candidate, VDPHL01, is under evaluation and has the potential to be the first non-hormonal oral therapeutic for hair regrowth in both women and men. The company's IPO consisted of selling a little over 15 million shares of common stock at $17 apiece. Trading under the symbol "MANE," the shares soared on their public debut, closing at $37.75 on February 4th, more than doubling the IPO price. The company is valued at around $596M based on outstanding shares. Veradermics plans to use the IPO proceeds to secure FDA approval for its hair-loss drug and support its commercialization. The company is developing an oral version of minoxidil, the molecule behind Rogaine, to tap into the growing market for hair regrowth drugs.
