Veradermics Gets New Financing for AGA/PHL Candidate
Veradermics announced the closing of a $75 million Series B financing, proceeds of which will be used to fund the ongoing clinical development of the company’s lead candidate VDPHL01 for the treatment of androgenetic alopecia (AGA), or pattern hair loss (PHL).
"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,” CEO Reid Waldman, MD, said in a press 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.”
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.
“We are grateful to our new investors and extend an especially warm welcome to Amanda and Patrick as the newest members of our Board,” Dr. Waldman said. “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.
"As investors, we are excited to support Veradermics as it enters late-stage, pivotal studies of a differentiated therapy within a large aesthetic market,” Dr. Birdsey-Benson said in the release. “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."