West Chester-based Verrica Pharmaceuticals is expecting to raise $32.5 million from the sale of 750,000 shares of its common stock at $6.75 per share and pre-funded warrants to buy almost 4.1 million shares of common stock at the same price, writes John George for the Philadelphia Business Journal.
The drug company, which develops therapies for skin disorders, plans to use the proceeds from this week’s offering to fund the commercial launch of VP-102. The drug candidate is approved to treat the skin disorder known as molluscum contagiosum, a condition that afflicts over 6 million Americans.
Verrica filed a revised new drug application for the treatment with the Food and Drug Administration last month for the third time. If approved, the company plans to market VP-102 under the brand name Ycanth.
Read more about Verrica Pharmaceuticals in the Philadelphia Business Journal.
