Dermira raises $42M in series A

Dermatology company Dermira Inc. (Redwood City, Calif.) raised $42 million in a series A round from existing investors Bay City Capital and New Enterprise Associates and new investor Canaan Partners.

Dermira also acquired fellow dermatology company Valocor Therapeutics Inc. for an undisclosed amount of cash and stock. Dermira gains Valocor's acne product lemuteporfin, a topical photosensitizer slated to enter Phase I/II testing in 1H12. Derma also gained two preclinical products from Valocor for acne and inflammatory skin diseases. Valocor acquired all three products from QLT Inc. (TSX:QLT; NASDAQ:QLTI) last year. Dermira said it will continue to look for other dermatology assets to license or acquire. ...