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December 11, 2024

New Haven biopharma firm Veradermics raises $75M in Series B financing round

PHOTO | UCONN SCHOOL OF BUSINESS Dr. Reid Waldman has a Glastonbury dermatology practice and is also developing a new wart-removal treatment called WartPatch.
By David Krechevsky

Veradermics Inc., a New Haven-based biopharmaceutical company, said Wednesday it has closed a $75 million Series B financing round.

The round was led by Suvretta Capital Management, and included new investors Longitude Capital, Surveyor Capital, Osage University Partners, and PhiFund. Existing investors also participated, including Connecticut Innovations, Biohaven CEO Dr. Vlad Coric, and JW Childs Associates.

In connection with the financing, Amanda Birdsey-Benson, of Suvretta Capital Management, and Patrick Enright, of Longitude Capital, will join the Veradermics board of directors, the company said.

Founded by dermatologists Dr. Reid Waldman and Dr. Tim Durso in 2019, the company is developing therapeutics to treat a variety of skin conditions. To date, the company has raised $113 million.

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, which began Wednesday.

AGA and pattern hair loss affects nearly 80 million people in the U.S., and a first patient was dosed in a Phase 2/3 portion of the trial, which will enroll approximately 480 patients in 44 states. A second, confirmatory Phase 3 study will initiate next year, the company said.

Waldman, who serves as Veradermics’ CEO, said the latest financing round marks a significant milestone for the company. 

“We are now well-funded to advance our oral and potential best-in-class treatment for hair loss,” he said.

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