WEST CHESTER, Pa., Oct. 02, 2024 (GLOBE NEWSWIRE) — Verrica Pharmaceuticals Inc. (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced a restructuring of its sales and operating teams to reduce costs and expand access to YCANTH for the treatment of molluscum contagiosum.
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 $1.0 million.
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 the United States, primarily children. Approval of YCANTH® was based upon the positive results from two Phase 3 clinical trials in approximately 500 patients which demonstrated that YCANTH® was a safe and effective therapy for the treatment of molluscum. Approximately 228 million lives are eligible to receive YCANTH® covered by insurance. YCANTH® is available to all patients with and without insurance coverage for between $25-$75 per treatment, and further financial assistance is available for patients in need. Please visit YCANTHPro.com for additional information.
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 the United States, primarily children. YCANTH® (VP-102) is also in development to treat common warts and external genital warts, two of the largest remaining unmet needs in medical dermatology. Verrica is developing VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.
