Verrica Pharmaceuticals Reports Third Quarter 2019 Financial Results

Verrica Pharmaceuticals Reports Third Quarter 2019 Financial Results
Strengthened leadership and commercialization teams with three strategic hires

WEST CHESTER, PA — Verrica Pharmaceuticals Inc. (Nasdaq: VRCA), a medical dermatology company committed to the development and commercialization of novel treatments that provide meaningful benefit for people living with skin diseases, announced financial results for the third quarter ended September 30, 2019.

“Verrica made several important strides this quarter to advance our lead product candidate, VP-102, for the treatment of molluscum contagiosum and common warts,” said Ted White, President and Chief Executive Officer of Verrica. “The highlight was the submission of the New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for VP-102 for the treatment of molluscum, a highly contagious viral skin infection. If approved, VP-102 could potentially become the standard of care for this disease. We look forward to a possible acceptance of the NDA this quarter, and taking another step towards our goal of providing a safe and effective therapy to address a demonstrated unmet medical need.”

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Business Highlights and Recent Developments

  • Submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration for VP-102 (cantharidin 0.7% Topical Solution), a proprietary topical therapy for the treatment of molluscum contagiosum, which affects an estimated six million people – primarily children – in the United States, and has no FDA-approved treatments available.
  • Advanced the research and development of VP-102 for the treatment of molluscum and common warts, with the presentation of positive results from three abstracts at the Fall Clinical Dermatology Conference, including pooled data from the Phase 3 CAMP studies in molluscum, and results of the Phase 2 COVE-1 study in common warts. VP-102 achieved statistically significant reductions in molluscum lesions and complete clearance of lesions in the CAMP studies, achieved complete clearance of common warts in 51.4% of subjects at the primary endpoint of Day 84 and 40% of subjects at Day 147 in Cohort 2 of the COVE-1 study, and was well-tolerated with a low rate of adverse events across all studies.
  • Continued to advance Company leadership and commercialization capabilities with three key appointments: A. Brian Davis was named Chief Financial Officer; Eugene Scavola joined the Company as Executive Vice President, Technical Operations; and Christopher Rofidal was appointed Vice President, Market Access.
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Financial Results

  • Verrica reported a net loss of $6.1 million for the third quarter of 2019, compared to a net loss of $5.9 million for the same period in 2018.
  • Research and development expenses were $3.0 million in the third quarter of 2019, compared to $3.5 million for the same period in 2018. The decrease was primarily attributable to a decrease in costs associated with the clinical development of VP-102 for the treatment of molluscum, partially offset by an increase in costs associated with the clinical development of VP-102 for the treatment of external genital warts and costs associated with manufacturing scale-up activities.
  • General and administrative expenses were $3.5 million in the third quarter of 2019, compared to $2.9 million for the same period in 2018. The increase was primarily a result of expenses related to increased headcount, an increase in insurance, professional fees and other operating costs, and an increase in expenses related to pre-commercial activities for VP-102.
  • As of September 30, 2019, Verrica had aggregate cash, cash equivalents, and marketable securities of $71.1 million.
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Source: Verrica Pharmaceuticals Inc.10 North High Street, Suite 200, West Chester PA 19380

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