Dermavant Sciences Files for $100 Million IPO to Advance Tapinarof for Psoriasis and Atopic Dermatitis

VCBeat (WeChat ID: vcbeat) has learned that clinical-stage biopharmaceutical company Dermavant Sciences recently announced its plans to list on the Nasdaq Stock Market under the ticker symbol DRMT. Dermavant Sciences intends to offer 7.7 million shares at a price range of $12 to $14 per share, aiming to raise a total of $100 million. The lead underwriters for this offering are Jefferies, SVB Leerink, and Guggenheim Securities.

The proceeds from this round of financing will be used for two purposes: first, to advance the Phase 3 clinical trial of tapinarof (DMVT-505) for the treatment of psoriasis; and second, to support the clinical development of other drug candidates in Dermavant Sciences’ pipeline.

Dermavant Sciences is a subsidiary of the Swiss biopharmaceutical company Roivant Sciences. Founded in Arizona, United States, in 2015, it is a clinical-stage biopharmaceutical company dedicated to developing and commercializing innovative therapies in the field of medical dermatology.

Dermavant Sciences is developing its lead candidate, tapinarof (DMVT-505), a topical cream that functions as a therapeutic aryl hydrocarbon receptor modulator (TAMA) for the treatment of plaque psoriasis and atopic dermatitis.

Psoriasis, commonly known as "niupixuan," is a chronic inflammatory skin disease that predominantly affects young and middle-aged adults. Atopic dermatitis is a pruritic chronic inflammatory skin disease, with pruritus being its hallmark symptom.

On June 5, 2019, Dermavant Sciences announced the first patient dosed in PSOARING, its pivotal Phase 3 clinical program for tapinarof, a topical treatment for plaque psoriasis. Dermavant expects to obtain trial results in the first half of 2020 and submit a New Drug Application (NDA) to the FDA for tapinarof in the treatment of plaque psoriasis in 2021.

PSOARING is Dermavant’s pivotal Phase 3 clinical program for psoriasis, designed to evaluate the safety and efficacy of tapinarof through two identical multicenter, randomized, double-blind, parallel-group studies, PSOARING 1 and PSOARING 2. The cream was administered once daily for 12 weeks.

Dermavant boasts a robust medical dermatology pipeline, including late- and early-stage development candidates, primarily targeting specific unmet needs in psoriasis and atopic dermatitis—the two largest and fastest-growing immune-mediated dermatology markets—as well as other major indications such as vitiligo, primary focal hyperhidrosis, and acne.

(Compiled by Li Chengping)