News Release Details
Verrica Reports Second Quarter 2018 Financial Results
“Completing our initial public offering earlier this year was a significant milestone for the company which reflected the important progress we have made with our pipeline,” commented
Business Highlights and Recent Developments
- Announced the closing of its initial public offering (IPO) of 5,750,000 shares of its common stock at a public offering price of
$15.00 per share, which includes the full exercise of the underwriters’ option to purchase 750,000 additional shares, for total gross proceeds of$86.3 million before underwriting discounts and commissions and estimated offering expenses - Entered into a supply agreement with a supplier for naturally-sourced cantharidin used to manufacture the active pharmaceutical ingredient in VP-102; subject to specified minimum annual purchase orders and forecasts, the supplier has agreed that it will not supply cantharidin, any beetles or other raw material from which cantharidin is derived to any other customer in
North America - Continued progress with the Phase 2 Innovate trial for VP-102 for the treatment of molluscum; complete clinical results from enrolled patients expected in the second half of 2018
- Continued progress with the Phase 3 trials for VP-102 for the treatment of molluscum (CAMP-1 and CAMP-2); top-line results expected in the first half of 2019
- Continued progress with the Phase 2 trial in common warts (COVE-1); top-line results expected in the first half of 2019
Financial Results
Verrica reported a net loss of
Research and development expenses were
General and administrative expenses were
As of
About
Verrica is a pharmaceutical company focused on identifying, developing and commercializing innovative pharmaceutical products for the treatment of skin diseases with significant unmet needs. The company’s lead product candidate, VP-102, is currently being evaluated in two Phase 3 clinical trials for the treatment of molluscum and in a Phase 2 clinical trial for the treatment of common warts.
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 clinical development of Verrica’s product candidates and the availability of data from Verrica’s clinical trials. 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 conduct of clinical trials, 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 prospectus filed with the
VERRICA PHARMACEUTICALS INC. | |||||||||||||||
Condensed Statements of Operations | |||||||||||||||
(Unaudited, in thousands except share and per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 3,609 | $ | 977 | $ | 4,538 | $ | 1,493 | |||||||
General and administrative | 2,503 | 118 | 3,489 | 172 | |||||||||||
Total operating expenses | 6,112 | 1,095 | 8,027 | 1,665 | |||||||||||
Loss from operations | (6,112 | ) | (1,095 | ) | (8,027 | ) | (1,665 | ) | |||||||
Other income | 153 | - | 194 | - | |||||||||||
Net loss | $ | (5,959 | ) | $ | (1,095 | ) | $ | (7,833 | ) | $ | (1,665 | ) | |||
Net loss per share, basic and diluted | $ | (1.04 | ) | $ | (0.38 | ) | $ | (1.82 | ) | $ | (0.58 | ) | |||
Weighted average common shares outstanding, basic and diluted | 5,751,326 | 2,850,471 | 4,308,996 | 2,849,891 | |||||||||||
VERRICA PHARMACEUTICALS INC. | ||||||
Selected Condensed Balance Sheet Data | ||||||
(Unaudited, in thousands) | ||||||
June 30, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 103,149 | $ | 8,663 | ||
Total assets | 104,716 | 9,083 | ||||
Total liabilities | 3,125 | 616 | ||||
Total convertible preferred stock | - | 15,508 | ||||
Total stockholders' equity (deficit) | 101,591 | (7,041 | ) | |||
Contacts
Chief Financial Officer
484.453.3300 ext. 103
info@verrica.com
Managing Director
Westwicke Partners
415.513.1284
patti.bank@westwicke.com
Source: Verrica Pharmaceuticals Inc.