Company: Verrica Pharmaceuticals Inc.
Symbol: VRCA
Description: They are a clinical-stage medical dermatology company focused on identifying, developing and commercializing innovative pharmaceutical products for the treatment of skin diseases with significant unmet needs.
Trade Date: 6/15
Shares: 5 million
Price Range: $14.00-$16.00
Underwriter(s): BofA Merrill Lynch, Jefferies, Cowen
Terms Added: 6-5-18
Business: They are a clinical-stage medical dermatology company focused on identifying, developing and commercializing innovative pharmaceutical products for the treatment of skin diseases with significant unmet needs. Their lead product candidate, VP-102, is a proprietary drug-device combination of their novel topical solution of cantharidin, a widely recognized, naturally sourced agent to treat topical dermatological conditions, administered through their single-use precision applicator. They are initially developing VP-102 for the treatment of molluscum contagiosum, or molluscum, a highly contagious and primarily pediatric viral skin disease, and common warts. There are currently no products approved by the U.S. Food and Drug Administration, or FDA, nor is there an established standard of care for either of these diseases, resulting in significant undertreated populations in two of the largest unmet needs in dermatology. In addition to patent protection they are seeking, VP-102 has the potential to be the first FDA-approved product for molluscum and for its active pharmaceutical ingredient, or API, to be characterized as a new chemical entity, or NCE, with the five years of non-patent regulatory exclusivity associated with that designation. They also believe VP-102 has the potential to qualify for pediatric exclusivity, which would provide for an additional six months of non-patent exclusivity.
Insider Buying: Certain of their existing stockholders, including entities affiliated with certain of our directors, have indicated an interest in purchasing an aggregate of approximately $30 million in shares of their common stock in this offering at the initial public offering price per share.
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