Verrica Pharmaceuticals Announces Leadership Team Update
October 07 2019 - 7:00AM
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 that
the Company has appointed A. Brian Davis as its new Chief Financial
Officer (CFO). Mr. Davis replaces Chris Degnan, who is leaving the
organization to pursue an opportunity in the oncology sector.
Mr. Davis joins Verrica with nearly 15 years of experience as a
CFO for publicly traded, commercial- and development-stage
biopharmaceutical companies, and more than 25 years as a financial
professional in the life sciences industry. He has extensive
expertise in fundraising, having raised over $500 million in public
and private equity financings and over $140 million in debt
financings, as well as in shareholder relations, financial
strategy, and SEC accounting, reporting, and compliance. In his
prior role as CFO of Strongbridge Biopharma, Mr. Davis successfully
completed three equity financings, including an initial public
offering, and multiple debt financings to support the acquisition
and development of several product candidates, including the
acquisition and U.S. launch of two FDA-approved products.
Previously, he held the title of Senior Vice President and CFO at
Tengion, a public, clinical-stage biotechnology company. During his
tenure, Mr. Davis completed equity and convertible debt financings,
as well as refinancing initiatives, and led deal and non-deal
investor roadshows. Mr. Davis also held a similar role at Neose
Technologies, where he led six public and five private equity
financings, totaling approximately $280 million. He successfully
negotiated the sale of assets to Novo Nordisk, oversaw financial
reports, and directed financial aspects of collaborative research
agreements with Wyeth, Bristol-Myers Squibb, and Johnson &
Johnson. Mr. Davis holds an MBA from The Wharton School, University
of Pennsylvania, and a BS in Accounting from Trenton State
College.
“We are extremely excited to welcome Brian to the Verrica team,”
said Ted White, President and Chief Executive Officer of Verrica.
“His experience guiding financial strategy for life science
companies transitioning from development-stage to commercial-stage
will be invaluable at this juncture of our product candidate’s
lifecycle.”
“We also appreciate Chris Degnan’s contributions to our
organization,” continued Mr. White. “Chris helped bring us to the
important milestone of our first NDA submission, and we understand
his desire to pursue a new direction.”
“The fight against cancer is a personal one for me, and the
chance to make a tangible difference in that battle is of
undeniable interest,” said Mr. Degnan. “Leaving Verrica was not an
easy decision, but I have the utmost confidence in the promise of
VP-102, and the leadership team that will guide it towards
potential commercialization.”
About Verrica Pharmaceuticals Inc.
Verrica 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 and common warts. Molluscum is a highly contagious
viral skin infection affecting approximately six million people,
primarily children, in the United States, and common warts are
contagious skin growths affecting 22 million people. There are
currently no FDA-approved treatments for molluscum or common
warts. Following positive topline results from two pivotal Phase 3
trials, the Company submitted an NDA in September 2019 for VP-102
for the treatment of molluscum. Verrica is planning to meet with
the FDA to determine next steps on the development of
VP-102 for common warts following positive Phase 2 results. VP-102
is also currently in a Phase 2 trial for the treatment of external
genital warts. A second product candidate, VP-103, is in
pre-clinical development for plantar warts. For more information,
visit www.verrica.com.
Forward-Looking Statement
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 benefits of VP-102 for the treatment of
molluscum and the clinical development of VP-102 for additional
indications. 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.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:
Chiara RussoSolebury
Trout617.221.9197crusso@soleburytrout.com
Media:
Joshua R. MansbachSolebury
Trout646-378-2964jmansbach@troutgroup.com
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