(Note: IPOScoop has No Call on this micro-cap IPO. The company changed the IPO’s terms to a unit offering in an S-1/A filing on Aug. 6, 2021, a shift from its initial plans to offer only shares of common stock. Under the amended terms, the company’s stock will trade under the proposed symbol “DRMA” and its warrants will trade under the proposed symbol “DRMAW” – both on the NASDAQ.) 

We are a clinical-stage biotechnology company focusing on the treatment of medical and aesthetic skin conditions. Our lead product candidate, DMT310, is the first product candidate being developed from our Spongilla technology platform. DMT310 is of a once-weekly topical product derived from a naturally sourced freshwater sponge with multiple components. Based on DMT310’s multiple mechanisms of action, it is currently under clinical development for the treatment of acne vulgaris (or acne), psoriasis vulgaris (or psoriasis), and papulopustular rosacea (or rosacea).

Our Spongilla technology platform is based on the use of a naturally growing freshwater sponge, Spongilla lacustris, or Spongilla. We have signed an exclusive supply agreement with one of the larger known harvesters of Spongilla raw material in Russia’s Volga River area for utilization in DMT310. 

The Spongilla technology used in our product candidates, such as DMT310 and DMT410, comes from the unique chemical and mechanical components produced by Spongilla for its natural defense mechanisms. These specialized mechanisms consist of unique, naturally occurring microscopic siliceous spicules that are uniquely sized to penetrate a patient’s skin, creating microchannels which allow for the naturally occurring chemical components of the Spongilla, or other macromolecules such as botulinum toxin, to penetrate into the dermis for a clinical result. We believe these unique properties may also only require DMT310 to be applied once weekly, which, if approved for acne, would make DMT310 the first once weekly topical prescription product on the market.