Verrica Pharmaceuticals Reports First Quarter 2019 Financial Results
May 07 2019 - 4:01PM
Verrica Pharmaceuticals Inc. (“Verrica”) (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, today announced
financial results for the first quarter ended March 31, 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 American Academy of Dermatology annual
meeting,” commented Ted White, President and Chief Executive
Officer of Verrica. “We are focused on continuing that momentum
with healthcare providers, enhancing disease awareness for this
under-treated condition, and preparing to submit the company’s
first new drug application with the FDA in the second half of 2019.
Molluscum is a highly contagious viral skin infection affecting
approximately six million people, primarily children, in the United
States and our ultimate goal is to bring a safe and efficacious,
FDA-approved treatment option to them.”
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 Dermatology annual meeting on March 2, 2019 in
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.
- Appointed Neil D. DeHenes as Vice President of Distribution,
Trade and Channel Strategy.
Financial Results
Verrica reported a net loss of $7.5 million for the first
quarter of 2019, compared to a net loss of $1.8 million for the
same period in 2018.
Research and development expenses were $4.5 million in the first
quarter of 2019, compared to $0.9 million for the same period in
2018. The increase was primarily due to the advancement of the
VP-102 clinical development programs for the treatment of molluscum
and common warts and an increase in costs associated with increased
headcount and associated salary, bonus and stock-based compensation
expense.
General and administrative expenses were $3.5 million in the
first quarter of 2019, compared to $1.0 million for the same period
in 2018. The increase was primarily due to increased
corporate infrastructure and additional costs associated with
operating as a public company.
As of March 31, 2019, Verrica had aggregate cash, cash
equivalents and marketable securities of $83.3 million.
About Verrica Pharmaceuticals
Inc.
Verrica Pharmaceuticals is a medical dermatology company
committed to the development and commercialization of novel
treatments that provide meaningful benefit for people living with
skin diseases. The company’s late-stage product candidate, VP-102,
is a potential first-in-class topical therapy for the treatment of
molluscum contagiosum, a highly contagious viral skin infection
affecting approximately six million people, primarily children, in
the United States. There are currently no FDA-approved treatments
for molluscum. Following positive topline results from two pivotal
Phase 3 trials, a New Drug Application for VP-102 for the treatment
of molluscum is planned for the second half of 2019. VP-102 is also
currently in a Phase 2 trial for the treatment of common warts,
with an additional Phase 2 trial planned in external genital warts.
A second product candidate, VP-103, is in pre-clinical development
for plantar warts. For more information, visit www.verrica.com.
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 December 31, 2018,
filed with the U.S. Securities and Exchange Commission on March 7,
2019, and other filings Verrica makes with the U.S. Securities and
Exchange Commission. Any forward-looking statements speak
only as of the date of this press release and are based on
information available to Verrica as of the date of this release,
and Verrica assumes no obligation to, and does not intend to,
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
|
|
|
|
|
VERRICA PHARMACEUTICALS INC. |
Statements of Operations |
(unaudited, in thousands except share and per share
data) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2019 |
|
|
|
2018 |
|
Operating expenses: |
|
|
|
|
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 |
) |
Other income |
|
|
547 |
|
|
|
41 |
|
Net loss |
|
$ |
(7,479 |
) |
|
$ |
(1,847 |
) |
|
|
|
|
|
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 assets |
|
|
85,979 |
|
|
91,906 |
Total liabilities |
|
|
3,218 |
|
|
2,477 |
Total stockholders' equity |
|
|
82,761 |
|
|
89,429 |
IR Contacts:Chris DegnanChief
Financial Officer484.453.3300 ext. 103info@verrica.com
Patti BankManaging DirectorWestwicke Partners,
an ICR Company415.513.1284patti.bank@westwicke.com
Media Contact: Mike BeyerSam
Brown Inc. 312.961.2502mikebeyer@sambrown.com
Verrica Parmaceuticals (NASDAQ:VRCA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Verrica Parmaceuticals (NASDAQ:VRCA)
Historical Stock Chart
From Apr 2023 to Apr 2024