Hair transplant drug developer Veradermics (MANE.US) priced its IPO at $17 per share, and its stock surged 122% on the first day of trading.

Hair transplant drug developer Veradermics (MANE.US) saw its stock surge over 122% on its first day of trading, reaching $37.75, far higher than its initial public offering (IPO) price of $17. The company raised $256.3 million in its IPO. Sources say that the expanded IPO received several times the amount of oversubscription compared to the initial offering. According to filings, Wellington Management had expressed interest in purchasing up to $30 million worth of shares at the IPO price. Eli Lilly (LLY.US) also indicated interest in holding up to 4.9% of the company's issued shares. It is reported that Veradermics is developing an oral non-hormonal therapy for androgenetic alopecia in men and women. The company claims that around 80 million people in the US are affected by this condition. The company is led by co-founders and dermatologists Red Beijing Worldia Diamond Tools and Tim Dulse. The filings show that in preparation for submitting late-stage trial data to the US Food and Drug Administration for market approval, the company has begun patient identification, doctor education, and plans to start marketing the product directly to consumers. Data shows that Veradermics had a net loss of $48.1 million in the nine months ending on September 30th, compared to a net loss of $20.8 million in the same period the previous year.