News Release Details
Verrica Pharmaceuticals Reports First Quarter 2019 Financial Results
-Reported positive topline data from pivotal Phase 3 clinical trials of VP-102 for the treatment of molluscum contagiosum
-Preparing to submit NDA in second half of 2019
“The first quarter of 2019 was monumental for Verrica as we reported positive Phase 3 topline data of our lead product candidate, VP-102, for the treatment of molluscum contagiosum, and then presented that data to the medical community during a late-breaking session at the
Business Highlights and Recent Developments
- Achieved positive topline results in two pivotal Phase 3 clinical trials of VP-102 (CAMP-1 and CAMP-2) in patients with molluscum contagiosum (molluscum). Both trials evaluated the safety and efficacy of VP-102, a potential first-in-class topical therapy containing 0.7% cantharidin, compared to placebo and both achieved statistical significance for the primary endpoint with p-values less than 0.0001.
- Presented positive Phase 3 clinical results in the
Late-Breaking Research: Clinical Studies/Pediatric Session at the American Academy of Dermatologyannual meeting on March 2, 2019in Washington, DC. Lead investigator, Dr. Lawrence F. Eichenfield, Chief of Pediatric and Adolescent Dermatology at Rady Children's Hospital-San Diego, presented the results at the meeting.
- Continued progress with the Phase 2 trial of VP-102 in common warts (COVE-1), with topline results anticipated during the second quarter of 2019.
- Announced plans to initiate a Phase 2 trial of VP-102 in external genital warts in the second quarter of 2019.
Neil D. DeHenesas Vice President of Distribution, Trade and Channel Strategy.
Verrica reported a net loss of
Research and development expenses were
General and administrative expenses were
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe”, “expect”, “may”, “plan”, “potential”, “will”, and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking statements include expectations regarding the potential submission of a new drug application in the second half of 2019 for VP-102 for the treatment of molluscum, clinical development of Verrica’s product candidates, including the receipt of topline results from the Phase 2 trial of VP-102 in common warts and the initiation of a Phase 2 trial in external genital warts in the second quarter of 2019. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the drug development process and the regulatory approval process, Verrica’s reliance on third parties over which it may not always have full control, and other risks and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended
|VERRICA PHARMACEUTICALS INC.|
|Statements of Operations|
|(unaudited, in thousands except share and per share data)|
|Three Months Ended March 31,|
|Research and development||$||4,487||$||927|
|General and administrative||3,539||961|
|Total operating expenses||8,026||1,888|
|Loss from operations||(8,026||)||(1,888||)|
|Net loss per share, basic and diluted||$||(0.30||)||$||(0.65||)|
|Weighted average common shares outstanding, basic and diluted||24,857,771||2,850,640|
|VERRICA PHARMACEUTICALS INC.|
|Selected Balance Sheet Data|
|(unaudited, in thousands)|
|March 31, 2019||December 31, 2018|
|Cash, cash equivalents and marketable securities||$||83,282||$||89,809|
|Total stockholders' equity||82,761||89,429|
Chief Financial Officer
484.453.3300 ext. 103
Westwicke Partners, an
Sam Brown Inc.
Source: Verrica Pharmaceuticals Inc.