Dermira, a private California company focused on developing and marketing new therapies in dermatology, has reportedly secured a $42-million Series A financing to support therapeutic advances. Part of the funding has been used to acquire Valocor Therapeutics, which features a product pipeline for the treatment of acne, inflammatory skin diseases and other dermatologic conditions. Investors are Bay City Capital, New Enterprise Associates and Canaan Partners.

According to Dermira, the funds will specifically be targeted to lemuteporfin, “a potent and selective topical photodynamic therapy (PDT) for acne,” and “a robust pipeline of novel, topical small molecule therapeutics for sebaceous gland hyperactivity and inflammatory skin diseases.” The company notes that it “will also continue to pursue additional development and commercial opportunities in dermatology for licensing or acquisition.” Financial details of Dermira’s Valocor buyout were not disclosed.

“Although there are currently many serious and highly prevalent skin conditions that have unsatisfactory treatment options available, dermatology has attracted limited research and investment resources towards truly innovative therapeutics,” Dermira’s CEO was quoted as saying. “We have assembled an outstanding combination of technology, management and investors to address this need and lead the development of new categories of dermatology products, with the potential to improve the way patients are treated.” See Dermira Press Release, October 20, 2011.