Funding Flows to Promising Hair Loss Treatments... U.S. Institutional Investors Expand Stakes in Newly Listed Biotech

Subreta Capital Management and its affiliated Averill Fund acquired approximately 310,000 additional Veradermics, Inc. (NYSE: MANE) shares in block purchases on the market between February 4 and 6 at prices ranging from $34.25 to $39.80 per share. After these transactions, their combined indirect stake rose to about 4.0 million shares—valued at roughly $150 million—underscoring a trend of institutional ownership expansion following the company’s recent IPO. During the same period, an affiliate of SR One Capital filed a Schedule 13D, disclosing an initial holding of approximately 2.4 million common shares, or about 6.4% of outstanding shares, stating that its investment purpose is general portfolio investment and that it may trade shares as market conditions warrant.

Veradermics completed its New York Stock Exchange listing on February 5, raising about $294.8 million at its $17 IPO price (approximately ₩380 billion). Shares surged more than 120% above the offering price immediately after trading began, driven by investor enthusiasm for the company’s pipeline of hair-loss treatments.

Founded by dermatologists, Veradermics is a late-stage clinical-stage biopharmaceutical company focused on developing innovative therapies for aesthetic and dermatological conditions. Its ticker symbol on the NYSE is MANE. The company’s lead candidate, VDPHL01, is an oral, extended-release reformulation of the hypertension drug minoxidil and is currently in Phase 3 trials targeting male and female pattern hair loss.