Veradermics, a spinout based, in part, on technology co-developed by Robert Ricciardi, MA, PhD, Acting-Chair and Professor of Basic & Translational Sciences at Penn Dental Medicine, and Fox Chase Therapeutics Discovery, Inc., raised $75 million in Series B funding. The financing was led by Suvretta Capital Management and included new investors Longitude Capital, Surveyor Capital (a Citadel company), Osage University Partners, and PhiFund.
Veradermics is a late clinical-stage aesthetics and dermatology-focused biopharmaceutical company developing first-in-class therapeutics for common dermatologic conditions. Proceeds from the financing will be used to fund the ongoing pivotal clinical development of Veradermics’ lead candidate, VDPHL01, which is designed to treat androgenetic alopecia, or pattern hair loss, the most common cause of hair loss affecting an estimated 80 million Americans. Read more about Veradermics here.