West Chester’s Verrica Pharmaceuticals to Go Public with $75 Million IPO

Verrica's leadership team is comprised of, from left, CEO Ted White, Chief Medical Officer Howard Welgus, and founder Matthew Davidson.

Verrica Pharmaceuticals, a dermatology company based in West Chester, is planning to go public with an initial public stock offering of $75 million, writes John George for the Philadelphia Business Journal.

The company develops new treatments for skin diseases that have significant unmet needs.

VP-102, Verrica’s new drug candidate, is a proprietary drug-device combination currently in late-stage clinical testing. It’s a potential treatment for molluscum contagiosum, the highly contagious and largely pediatric viral skin disease.

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The therapy consists of Verrica’s novel topical solution of cantharidin, a chemical derived from the blister beetle. It’s administered using a single-use precision applicator developed by Verrica.

The company expects to announce late-stage clinical testing results for the molluscum treatment during the first half of next year. If successful, it will then file a new drug application.

According to the documents it filed with the Securities and Exchange Commission, Verrica plans to sell five million shares at between $14 and $16 per share.

Read more about Verrica Pharmaceuticals in the Philadelphia Business Journal here.

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