Brokerdealer.com blog update courtesy of Renaissance Capital
Dermira, a biotech targeting skin conditions such as psoriasis, excessive sweating and acne, raised $125 million by offering 7.8 million shares at $16, the high end of the range of $14 to $16. Dermira plans to list on the NASDAQ under the symbol DERM. Dermira initially filed confidentially on 6/26/2014. BrokerDealers Citi and Leerink Partners acted as lead managers on the deal.
The Redwood City company led by CEO Tom Wiggins priced its shares at $16, the high end of its target range. It jumped by more than 10 percent Friday when it began trading on Nasdaq with the symbol of DERM. But it finished the day at $15.55, down almost 3 percent.
Despite $68 million in accumulated deficits and no revenue, the company had the best IPO of the three from the Bay Area this week. Together, they are the first companies in the region to go public since late July. Before pricing the shares, Dermira boosted the amount of stock offered by 46 percent.