Verrica Pharmaceuticals (VRCA) announced a business and operational update outlining the significant progress being made with respect to the new commercial strategy for YCANTH, Verrica’s lead product for the treatment of molluscum contagiosum. “Over the last several weeks since our November common stock offering, we have made significant progress across a number of key initiatives to help drive demand for YCANTH,” said Jayson Rieger, CEO. “First and foremost, we are executing effectively on our previously announced commercial strategy for YCANTH, as evidenced by achievement of fourth quarter dispensed applicator units already surpassing dispensed applicator units in the prior quarter. We are growing the YCANTH business while implementing highly targeted cost management initiatives to prioritize spend that creates value and reducing or eliminating inefficient and unnecessary expenses. We are also pleased to note a significant reduction in YCANTH inventory levels from our distribution partners. We are responding to the growing patient demand for YCANTH by increasing our distribution capabilities, making YCANTH available to more dermatologists and pediatricians through our previous distribution channels as well as through local independent pharmacies. Furthermore, we expect to provide a single applicator packaging configuration for YCANTH in the first quarter of 2025, which we anticipate will provide an added level of convenience for our independent and specialty pharmacy network. We also expect that the single applicator packaging will facilitate initial purchases of the product by health care providers who prefer same day treatment for patients by requiring significantly less cash outlay under our buy-and-bill distribution model. Finally, we expect this new packaging may increase patient access by providing added optionality to buying groups, hospitals and government entities for including YCANTH on formulary to service their patients. As we enter 2025, we are excited about the opportunities that lie ahead for our company. As noted, we are already seeing favorable changes in the demand dynamics for YCANTH in response to our more focused and disciplined commercial strategy. Our recent financing also helped strengthen our balance sheet, while our ongoing efforts to improve Verrica’s operational efficiencies will help preserve our capital resources. We also believe that our pipeline opportunities provide a tremendous source of potential upside for our company. Together with our development partner, Torii Pharmaceutical, we continue to advance YCANTH for the treatment of common warts, which represents the opportunity to address the single largest unmet medical need in dermatology. Additionally, encouraging preliminary data from our Phase 2 study suggests that our oncolytic peptide, VP-315, may have the potential to become a new and differentiated treatment approach for basal cell carcinoma. In summary, we have made significant progress over a short period of time, and Verrica is becoming a more focused and efficient commercial-stage company.”
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