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DERM Prices Offering At $33.70/Share

Dermira Inc. (DERM) has offered to sell 5 million shares of its common stock to the public at a price of $33.70 each. The company has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock, on the same terms and conditions.

The gross proceeds to Dermira from the offering are expected to be $168.5 million. As of December 31, 2016, the company had cash and investments of $276.5 million. The company has not disclosed when it will complete the offering.

Dermira anticipates the following upcoming milestones:

-- Submit an NDA to the FDA for glycopyrronium tosylate for the treatment of primary axillary hyperhidrosis in the second half of 2017.
-- Submission of marketing applications by UCB in the United States, Europe and Canada for Cimzia for the treatment of moderate-to-severe chronic plaque psoriasis in the third quarter of 2017. If approved, Dermira would have marketing responsibilities in the United States and Canada.

Cimzia is currently approved and marketed by Belgium-based biopharmaceutical firm UCB Pharma S.A. for the treatment of numerous inflammatory diseases like Crohn's disease, rheumatoid arthritis and psoriatic arthritis in adults in multiple countries, including the United States.

In July 2014, UCB granted Dermira an exclusive license to develop Cimzia in psoriasis in the U.S., Canada and the European Union.

-- Announce topline results from the olumacostat glasaretil CLAREOS-1 and CLAREOS-2 Phase 3 clinical trials in patients with acne vulgaris in the first half of 2018.

DERM closed Thursday's trading at $35.43, up 3.23%.

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