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Veradermics Raises $75 Million in Series B Financing and Initiates Phase 2/3 Trial for Hair Loss
- Investment to fund pivotal trials of VDPHL01, an oral investigational medicine for androgenetic alopecia (AGA), known as pattern hair loss (PHL) in men and women
- Androgenetic alopecia/pattern hair loss is a large and unsatisfied market, affecting an estimated 80 million men and women in the U.S.
- Company names Amanda Birdsey-Benson from Suvretta Capital Management and Patrick Enright from Longitude Capital to Board of Directors
December 11, 2024 07:00 AM Eastern Standard Time
NEW HAVEN, Conn.–(BUSINESS WIRE)–Veradermics, a late clinical-stage aesthetics and dermatology-focused biopharmaceutical company developing first-in-class therapeutics for common dermatologic conditions, announced today the closing of a $75 million Series B financing. The financing was led by Suvretta Capital Management and included new investors Longitude Capital, Surveyor Capital (a Citadel company), Osage University Partners, and PhiFund. Existing investors, JW Childs Associates, Connecticut Innovations, and Vlad Coric, MD, also participated in this round. In connection with this financing, Amanda Birdsey-Benson, PhD from Suvretta Capital Management and Patrick Enright from Longitude Capital will join the Veradermics Board of Directors.
Proceeds from the financing will be used to fund the ongoing pivotal clinical development of Veradermics’ lead candidate VDPHL01 for the treatment of androgenetic alopecia (AGA), or pattern hair loss (PHL), the most common cause of hair loss affecting an estimated 80 million Americans.
Reid Waldman, MD, Veradermics’ Chief Executive Officer, commented, “The initiation of our pivotal Phase 2/3 clinical trial in hair loss and completion of this $75 million financing marks a significant milestone for Veradermics. We are now well funded to advance our oral and potential best-in-class treatment for hair loss. For too long, patients have struggled with hair loss or thinning hair with inadequate results. Our team is dedicated to solving this problem with an effective and simple to use oral medication. We are grateful to our new investors and extend an especially warm welcome to Amanda and Patrick as the newest members of our Board. They both join a distinguished group of experienced life science operators and investors who share our mission to optimize better solutions for dermatologic conditions.”
The first patient has been dosed in the pivotal Phase 2/3 trial evaluating VDPHL01 in AGA/PHL. The trial will enroll approximately 480 patients across 44 sites in the United States. The company plans to report topline data from the Phase 2 studies of VDPHL01 in the first half of 2025.
Amanda Birdsey-Benson, PhD, Managing Director at Suvretta Capital Management, added, “As investors, we are excited to support Veradermics as it enters late-stage, pivotal studies of a differentiated therapy within a large aesthetic market. Despite the widespread prevalence and emotional toll of hair loss, this common dermatologic condition has seen little innovation and lacks quality treatment options. There is a significant unmet need and strong market demand for an FDA-approved oral treatment for pattern hair loss. If approved, VDPHL01 could provide a much-needed, effective, and safe oral treatment to address this large, underserved market.”
