Veradermics Inc., a New Haven-based biopharmaceutical company, announced the closure of a $75 million Series B financing round on Wednesday. The financing was led by Suvretta Capital Management, with contributions from new investors including Longitude Capital, Surveyor Capital, Osage University Partners, and PhiFund. Existing investors such as Connecticut Innovations, Biohaven CEO Dr. Vlad Coric, and JW Childs Associates also participated in this round.
In relation to the financing, Amanda Birdsey-Benson from Suvretta Capital Management and Patrick Enright from Longitude Capital will join the Veradermics board of directors.
Founded in 2019 by dermatologists Dr. Reid Waldman and Dr. Tim Durso, Veradermics is dedicated to developing therapeutics for various skin conditions. To date, the company has raised a total of $113 million.
The proceeds from this latest financing round are earmarked for funding ongoing clinical trials for VDPHL01, an investigational medicine aimed at treating androgenetic alopecia (AGA), commonly known as pattern hair loss in both men and women. This includes a Phase 2/3 pivotal trial for the study of the drug in hair loss, which commenced on Wednesday.
AGA and pattern hair loss impact nearly 80 million people in the U.S. The Phase 2/3 portion of the trial has already dosed its first patient and plans to enroll approximately 480 patients across 44 states. A confirmatory Phase 3 study is set to begin next year.
Dr. Reid Waldman, CEO of Veradermics, highlighted the significance of this financing round, stating, “We are now well-funded to advance our oral and potential best-in-class treatment for hair loss.”
