West Chester’s Verrica Pharmaceuticals Nets $8 Million Payment from Its Partner in Japan
West Chester-based Verrica Pharmaceuticals has received a trigger payment of $8 million from its product development partner in Japan after a provision from their licensing deal kicked in, writes John George for the Philadelphia Business Journal.
The payment followed Torii Pharmaceuticals’ first dosing of a patient in Japan for a Phase 3 clinical trial of VP-102, Verrica’s skin disease drug candidate. Phase 3 clinical trials are usually the last step a company must complete successfully before seeking a new drug candidate approval.
VP-102 is an experimental therapy for molluscum contagiosum, a common and highly contagious skin condition that affects around 6 million people in the United States, most of them children.
According to Ted White, CEO of Verrica, an estimated 1.6 million cases of molluscum contagiosum are diagnosed each year in Japan.
“We look forward to continuing our partnership with Torii in the Japanese market to potentially address this unmet need,” said White.
Verrica is currently in the process of seeking approval from the Food and Drug Administration for VP-102. The initial new drug application was rejected in May due to questions relating to Verrica’s contract manufacturing partner Sterling Pharmaceuticals.
Read more about Verrica Pharmaceuticals in the Philadelphia Business Journal.
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