Why Dermata Therapeutics Stock Took Off After-Hours

Dermata Therapeutics, Inc. DRMAW shares are trading higher in Thursday's after-hours session after the company announced the issuance of a new patent in Japan for its DMT410 program for the treatment of hyperhidrosis.

What To Know: The announcement of the patent was made Thursday after market close, making it Dermata's first patent issued for DMT410.

The program leverages the company's Spongilla technology to topically deliver botulinum toxin in treating the condition.

It was also noted there are talks of partnership prospects that would further the development of DMT410.

"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," said Gerry Proehl, Dermata's chairman, president and CEO.

"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," he added.

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DRMA Price Action: Shares of Dermata were up 96.7% at $1.20 in the after-hours session at the time of publication, according to Benzinga Pro.

Photo: Steve Buissinne from Pixabay