Dermata Therapeutics, Inc. DRMAW saw a surge in its share value during after-hours trading on Thursday, following the company’s announcement of a new patent issued in Japan for its DMT410 program designed to treat hyperhidrosis.
Key Development: The announcement of the patent after the market’s close on Thursday marked a significant milestone for Dermata as it received its first patent for DMT410. The program utilizes the company’s Spongilla technology to topically administer botulinum toxin for treating the condition.
Additionally, discussions about potential partnerships to advance the development of DMT410 have emerged.
Commenting on the issuance of the patent, Dermata’s chairman, president, and CEO, Gerry Proehl, stated, “We believe this patent issuance further validates DMT410’s novel concept to easily deliver botulinum toxin topically instead of requiring patients to receive multiple injections. We are excited about the opportunities the DMT410 program can bring to patients, not only for the treatment of axillary hyperhidrosis as we have seen in our proof-of-concept study, but potentially for palmer and plantar hyperhidrosis which has no currently approved products.”
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DRMA Price Action: Shares of Dermata surged by 96.7% to $1.20 during after-hours trading at the time of this report, according to Benzinga Pro.
Photo: Steve Buissinne from Pixabay
