Business
Verrica Pharmaceuticals Reports Second Quarter 2023 Financial Results
– In July, FDA approved YCANTH™ for the treatment of molluscum, a highly contagious viral skin infection affecting approximately 6 million people annually in
About this update from Verrica Pharmaceuticals Inc.
[{"type":"text","content":"– In July, FDA approved YCANTH™ for the treatment of molluscum, a highly contagious viral skin infection affecting approximately 6 million people annually in the United States, primarily children – – YCANTH™ launch expected by September 2023 – – Expanding Part 2 enrollment of ongoing Phase 2 trial of VP-315 in basal cell carcinoma to accelerate clinical development – – Secured $125 million debt facility to support launch of YCANTH™ – Cash runway extended into the first quarter of 2025 – WEST CHESTER, Pa., Aug. 08, 2023 (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 second quarter ended June 30, 2023. “The U.S Food and Drug Administration (FDA) approval of YCANTH™ for the treatment of molluscum marks the most important achievement in our company’s history” said Ted White, Verrica’s President and Chief Executive Officer. “With no other FDA-approved therapies available prior to YCANTH™, molluscum represents one of the largest and most underserved patient populations in all of dermatology, and we could not be prouder to launch this product that can positively impact so many patients. Following the approval of YCANTH™, we had the opportunity to secure significant, non-dilutive capital to ensure that we have ample resources to support the YCANTH™ product launch. With our cash runway extended into the first quarter of 2025, and our commercial organization fully operational, we are ready to make YCANTH™ available to the millions of patients who will benefit from this therapy.” “We also continue to make significant progress in advancing our novel oncolytic peptide, VP-315, which is currently being evaluated in a Phase 2 trial in patients with basal cell carcinoma. We recently made the decision to expand patient enrollment in Part 2 of the trial, which we believe will provide enough patient data so that we can bypass Part 3 of the trial and advance VP-315 directly into a later-stage, potentially registration-enabling trial.” Business Highlights and Recent Developments VP-102 On July 21, 2023, Verrica announced that the FDA approved YCANTH™ (cantharidin) topical solution as the first FDA approved treatment of pediatric and adult patients with molluscum contagios...