Veradermics Secures $75M in Series B for Hair Loss Phase 2/3 Trial

Veradermics, a clinical-stage biopharmaceutical company based in NEW HAVEN, Conn., has successfully secured $75 million in Series B funding. The financing was spearheaded by Suvretta Capital Management, with additional contributions from new investors Longitude Capital, Surveyor Capital (a Citadel company), Osage University Partners, and PhiFund. Existing supporters such as JW Childs Associates, Connecticut Innovations, and Vlad Coric, MD, also participated in this round. As part of this financial arrangement, Amanda Birdsey-Benson, PhD from Suvretta Capital Management, and Patrick Enright from Longitude Capital will be joining the company's Board of Directors.

The secured funds are earmarked for the continued clinical development of Veradermics' leading drug candidate, VDPHL01, directed at treating androgenetic alopecia (AGA) or pattern hair loss (PHL). This condition is the most prevalent cause of hair loss, impacting approximately 80 million people in the United States.

Reid Waldman, MD, the Chief Executive Officer of Veradermics, expressed his enthusiasm about reaching this pivotal point in the company's journey. With the initiation of the critical Phase 2/3 clinical trials for hair loss and the completion of the $75 million financing package, Waldman believes the company is well-equipped to push forward with its innovative oral treatment for hair loss. He emphasized that many patients have long struggled with inadequate hair loss solutions and that Veradermics is committed to providing a simple and effective oral medication. Waldman also extended a warm welcome to the new board members, Amanda Birdsey-Benson and Patrick Enright, noting their experience and alignment with the company's mission to improve dermatologic treatments.

In the ongoing Phase 2/3 trial, Veradermics has already administered the first dose to a patient. The trial aims to enroll approximately 480 participants across 44 locations within the United States. Topline data from these studies is anticipated in the first half of 2025.

Amanda Birdsey-Benson, PhD, the Managing Director at Suvretta Capital Management, shared her excitement about investing in Veradermics. She highlighted the significant market potential for a differentiated therapy in the aesthetics sector. Birdsey-Benson pointed out that despite the prevalence and emotional impact of hair loss, innovation in treatment has been limited, leaving a substantial unmet need. Should VDPHL01 receive FDA approval, it could become a vital, safe, and effective oral treatment for this large and underserved market.

Veradermics specializes in developing pioneering treatments for common dermatologic conditions. Their flagship candidate, VDPHL01, is a non-hormonal oral therapeutic agent being assessed for effectiveness in treating both men and women with AGA/PHL. The company is also working on additional projects targeting other dermatologic issues like common warts and molluscum contagiosum.