Dermira, Redwood City, California-based a development-stage, private company focused on developing and commercializing innovative new therapies in dermatology, has raised $42m in Series A funding.
Investors include Bay City Capital, New Enterprise Associates and Canaan Partners.
The company intends to use the funding for the acquisition, development and commercialization of novel therapeutics in dermatology.
In conjunction with the Series A closing, Dermira has acquired Valocor Therapeutics, which has a pipeline of innovative, development stage dermatology programs for the treatment of acne, inflammatory skin diseases, and other dermatologic conditions.
Funds will also be used to advance lemuteporfin, a topical photodynamic therapy (PDT) for acne, licensed from QLT Inc., as well as novel, topical small molecule therapeutics for sebaceous gland hyperactivity and inflammatory skin diseases.
The company will also continue to pursue additional development and commercial opportunities in dermatology for licensing or acquisition.
Dermira’s Board of Directors include
– Fred Craves from Bay City Capital,
– Jake Nunn from NEA,
– Wende Hutton from Canaan Partners,
– CEO and co-founder Tom Wiggans, and
– Chief Medical Officer and co-founder Eugene Bauer.
In addition, Chris Griffith, who will serve as the Vice President of Corporate Development and Strategy, Luis Pena, who will serve as the Vice President of Product Development, and Dan Wattier, former CEO of Valocor, who will serve as Chief Commercial Officer of Dermira, are joining the team.