Verrica Pharmaceuticals Announces Achievement of Milestones Unlocking Access to the Full $27.5 Million of Non-Dilutive Growth Capital Under Credit Facility
Key Highlights
- ➤Verrica (VRCA) unlocks full $27.5 million credit facility after meeting milestones
- ➤$15.0 million facility expansion follows pre-defined revenue, growth and operational achievements
- ➤YCANTH capital supports common-warts Phase 3 readouts expected Q1’27 and mid-2027
- ➤Facility carries SOFR plus 8.00% interest, with loans maturing December 31, 2030
Expert Statements
Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica
“Verrica’s achievement of these milestones resulted directly from the momentum our team has built with YCANTH”
Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica
“We committed to clear revenue, growth and operational goals when we closed this facility in August, and we delivered on them.”
Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica
“Importantly, the capital now available to Verrica by this facility allows us to complete our two pivotal studies in the common warts program, with readouts from the studies expected in the first quarter and in mid-2027, respectively.”
Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica
“Under the facility, we have no obligation to make scheduled principal or interest cash payments during the term of the facility, and the favorable covenant package allows us to fully utilize our cash to support our growth.”
Paul B. Manning, Chairman of Verrica’s Board of Directors
“Verrica's execution over the past several months reinforces my confidence in the team and in YCANTH.”
Paul B. Manning, Chairman of Verrica’s Board of Directors
“I am pleased to continue supporting the Company as it builds on this progress.”
– Company’s achievement of pre-defined revenue, growth and operational milestones increases facility commitment by $15.0 million –
– Capital now available to support continued growth of the YCANTH® business and advancement of the Company’s global Phase 3 common warts program through topline data readouts, the first of which is expected in Q1’27 –
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