Verrica Pharmaceuticals Announces Restructuring of Commercial Organization
VRCA 10.02.2024
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Recent News
- 01.21.2025 - Verrica Pharmaceuticals Announces Presentation of Three Posters Featuring Positive Preliminary Topline Results of VP-315 for the Treatment of Basal Cell Carcinoma at the 2025 Winter Clinical Dermatology Conference
- 12.20.2024 - Verrica Provides Business and Operational Update
- 12.09.2024 - Verrica Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Recent Filings
- Company significantly reduces cost structure with a realigned sales, marketing and operational infrastructure
- Sales and marketing efforts to focus on pediatricians and expand access beyond dermatologists
These operational changes to Verrica’s commercial organization are expected to reduce the Company’s overall cost structure by approximately fifty percent, while maintaining sufficient resources to support YCANTH®as the new standard of care for patients with molluscum contagiosum.
Commercial Restructuring Detail:
To reduce expenses and optimize the efficiency of Verrica’s field force, the Company will reduce the number of sales territories from 80 to approximately 35, with a focus on those territories that have historically shown a high prevalence of molluscum, a critical mass of previous cantharidin users and strong insurance coverage for YCANTH®. Sales activities in each of these territories will focus on pediatricians in addition to Verrica’s established sales efforts to dermatology offices. The Company will also reduce headcount in certain support functions. Total operating expenses after the restructuring are expected to be reduced by approximately fifty percent. The Company will incur a one-time charge related to the restructuring of approximately
About YCANTH®(VP-102)YCANTH®is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of molluscum. YCANTH®is the first and only commercially available product approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum — a common, highly contagious skin disease that affects an estimated six million people in
In addition, Verrica has successfully completed a Phase 2 study of VP-102 for the treatment of common warts and a Phase 2 study of VP-102 for the treatment of external genital warts.
YCANTH®should only be administered by a trained healthcare professional. YCANTH®is not for home use.
About Verrica Pharmaceuticals Inc.Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica’s product YCANTH®(VP-102) (cantharidin), is the first and only commercially available treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in
Forward-Looking StatementsAny 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 future financial performance, including reducing operating expenses, and the Company’s sales and marketing activities. 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 uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended
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Source: Verrica Pharmaceuticals Inc.