Business
Verrica Pharmaceuticals Reports First Quarter 2021 Financial Results
– Expanded commercial team in preparation for potential FDA approval of VP-102 for the treatment of molluscum, which has been assigned a PDUFA goal date of
About this update from Verrica Pharmaceuticals Inc.
[{"type":"text","content":"– Expanded commercial team in preparation for potential FDA approval of VP-102 for the treatment of molluscum, which has been assigned a PDUFA goal date of June 23, 2021 – – Raised approximately $30 million, before offering expenses, in an underwritten public offering – – Granted Torii Pharmaceutical Co., Ltd. an exclusive license to develop and commercialize VP-102 for molluscum and common warts in Japan; Company recognized license revenues of $12.0 million in the first quarter – WEST CHESTER, Pa., May 07, 2021 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced financial results for the first quarter ended March 31, 2021. “This is a significant time for the Company as we ramp up our commercial readiness plans in preparation for potential FDA approval this year of VP-102 for the treatment of molluscum, a common, highly contagious skin disease with no FDA-approved treatments,” said Ted White, Verrica’s President and Chief Executive Officer. “In parallel, we strengthened our financial position, raising funds and generating licensing revenues that we believe will support planned operations at least through the second quarter of 2023.” Ted White continued: “Further, we expanded our global reach by granting Torii an exclusive license to develop and commercialize VP-102 in Japan for the treatment of molluscum and common warts, executing the first strategic step in potentially bringing VP-102 to global markets.” Business Highlights and Recent Developments The Company continued to expand its U.S. commercial operations during the quarter in preparation for the potential FDA approval of VP-102 (cantharidin 0.7% Topical Solution), and has made key hires in marketing, sales and payor functions to support product launch and commercialization. The Company has been assigned a Prescription Drug User Fee Act (PDUFA) goal date of June 23, 2021 for its NDA for VP-102. If approved, VP-102 will be marketed in the United States under the conditionally accepted brand name YCANTH™.On March 25, the Company closed an underwritten public offering of 2,033,899 shares of its common stock at a price to the public of $14.75 per share. The gross proceeds from the offering to Verrica were approximately $30.0 mill...