Veradermics (MANE.US), a developer of hair restoration drugs, concluded its first trading day with a surge of over 122%, closing at $37.75 per share, significantly above its initial public offering price of $17. The company raised $256.3 million through the IPO. Sources indicated that the offering, which was upsized, was oversubscribed by multiple times the number of shares available. According to regulatory filings, Wellington Management expressed an intention to purchase up to $30 million worth of shares at the IPO price. Eli Lilly (LLY.US) also indicated an interest in acquiring up to 4.9% of the outstanding shares of the biotech firm. Veradermics is developing an oral, non-hormonal therapy for androgenetic alopecia, commonly known as pattern hair loss, which affects both men and women. The company states that approximately 80 million people in the United States are affected by this condition. It is led by its co-founders, dermatologists Dr. Reid Waldman and Dr. Tim Durso. Filings show that in preparation for submitting late-stage trial data to the U.S. Food and Drug Administration for marketing approval, the company has begun work on patient identification, physician education, and plans to initiate direct-to-consumer product marketing. Data reveals that Veradermics reported a net loss of $48.1 million for the nine months ended September 30 of the previous year, compared to a net loss of $20.8 million in the same period a year earlier.