Business
Verrica Pharmaceuticals Reports First Quarter 2020 Financial Results
- Secured $55 million in non-dilutive loan facilities, of which $35 million was borrowed upon closing - - Continued to prepare for potential U.S. approval of
About this update from Verrica Pharmaceuticals Inc.
[{"type":"text","content":"- Secured $55 million in non-dilutive loan facilities, of which $35 million was borrowed upon closing -\n - Continued to prepare for potential U.S. approval of VP-102 for the treatment of molluscum contagiosum - - Issuance of Letters Patent directed to the Composition, Methods and Systems for the Treatment of Cutaneous Disorders by the Japan Patent Office - WEST CHESTER, Pa., May 07, 2020 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for viral skin diseases requiring medical interventions, today announced financial results for the first quarter ended March 31, 2020. “During the first quarter of 2020, we made several important advancements in our business, securing $55 million in non-dilutive loan facilities and obtaining a cantharidin formulation patent in Japan that will bolster the readiness of our supply chain and expand access to global markets,” said Ted White, President and Chief Executive Officer of Verrica. “We also continued to prepare for the potential U.S. approval of VP-102, our product candidate that could be the first FDA-approved treatment for molluscum contagiosum. If approved, VP-102 would be marketed in the United States under the conditionally accepted brand name YCANTH™. We recognize that these are unprecedented times and our top priority in conducting all business is the health and safety of our employees as well as patients and healthcare providers.” Business Highlights and Recent Developments Secured $55 million in non-dilutive loan facilities, of which $35 million was borrowed upon closing in March 2020.Issued a Letters Patent bearing Japanese Patent No. 6668240, by the Japan Patent Office. The patent issued on February 28, 2020 and will expire on August 21, 2034, twenty years from the patent application date. The issuance of this application follows the grant of a patent in Australia covering the formulation of VP-102, applicator devices and systems comprising the formulation, and methods of using VP-102. Related patent applications are currently pending in various jurisdictions around the world, including the United States, Australia, Brazil, Canada, China, Europe, Israel, India, Japan, South Korea, and Mexico. The invention covers certain formulations containing cantharidin for the treatment of cutaneous disorders,...