Veradermics closed a $75 million Series B financing which will be used to fund the ongoing pivotal clinical development of VDPHL01 for the treatment of androgenetic alopecia (AGA).
VDPHL01 is a non-hormonal oral therapeutic. The first patient has been dosed in the pivotal Phase 2/3 trial evaluating VDPHL01 in AGA. 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.
“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,” says Reid Waldman, MD, Veradermics’ Chief Executive Officer, in a news release. “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 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.
