Ramaswamy's Dermavant Updates $124 Million IPO Filing

June 10, 2019

Dermavant updated its filing on 6/10/19 and will issue 7,700,000 shares and raise up to $123.9 million. Roivant is the controlling shareholder and will have the right to appoint two directors to the board. Each of those directors will have three votes on matters before the board. Dermavant intends to trade on NASDAQ under the symbol, “DRMT.”

Dermavant is a clinical-stage biopharma and focuses on developing dermatologic therapeutics. The company currently has five products in clinical and pre-clinical development. Its lead product, tapinarof (DVMT-505), recently entered Ph III trials. Tapinarof is intended to treat psoriasis and dermatitis. The company announced that the first patient had been dosed on June 6, 2019. Dermavant acquired tapinarof from GSK for up to $330 million.

Dermavant purchased the rights to tapinarof for all countries except for China. It has also agreed to be responsible for all development milestones owed to third parties.

In addition to tapinarof, Dermavant has treatments in development for: vitilago, atopic dermatitis, hyperhidrosis, and acne vulgaris.

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