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Verrica Pharmaceuticals Announces Start of Phase 3 Trial of VP-102 for the Treatment of Molluscum Contagiosum by Torii Pharmaceutical Co., Ltd. in Japan
The Company earns $8 Million Phase 3 Milestone Payment WEST CHESTER, Pa., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq:
About this update from Verrica Pharmaceuticals Inc.
[{"type":"text","content":"The Company earns $8 Million Phase 3 Milestone Payment WEST CHESTER, Pa., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced that Torii Pharmaceutical Co., Ltd. (“Torii”) dosed the first patient in its Phase 3 trial of VP-102 (referred to as TO-208 in Japan) for molluscum contagiosum in Japan, triggering an $8 million milestone payment from Torii to Verrica. “We are pleased to see Torii dose the first patient in its Phase 3 trial of VP-102 for the treatment of molluscum contagiosum in Japan,” said Ted White, Verrica’s President and Chief Executive Officer. “The prevalence of molluscum contagiosum in Japan is estimated at 1.6 million cases annually, and we look forward to continuing our partnership with Torii in the Japanese market to potentially address this unmet need.” In March 2021 Torii exercised its option to acquire the exclusive license to develop and commercialize Verrica’s product candidates for the treatment of molluscum contagiosum and common warts in Japan. Under the terms of the License Agreement, Torii made up-front payments of an aggregate of $12.0 million (including the original cost of acquiring the option) with up to an additional $58 million in aggregate payments contingent on achievement of specified development, regulatory, and sales milestones, in addition to tiered transfer price payments for supply of product in the percentage range of the mid-30s to the mid-40s of net sales. Torii is responsible for all development activities and costs in support of obtaining regulatory approval in Japan. About VP-102 Verrica’s lead product candidate, VP-102, is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin (0.7% w/v) delivered via a single-use applicator that allows for precise topical dosing and targeted administration. VP-102 could potentially be the first product approved by the FDA to treat molluscum contagiosum — a common, highly contagious skin disease that affects an estimated six million people in the United States, primarily children. If approved, VP-102 will be marketed in the United States under the conditionally accepted brand name YCANTH™. In addition, Verrica has successfully completed a...