West Chester-based Verrica Pharmaceuticals has amended its licensing agreement with Torii Pharmaceutical of Japan, potentially resulting in an $18 million boost in 2025, writes John George for the Philadelphia Business Journal.
Verrica Pharmaceuticals is pursuing Food and Drug Administration approval for what could become the first prescription medication specifically developed for common warts.
As part of the updated agreement, Torii will make an $8 million milestone payment to the Chester County company this month, instead of waiting for the first patient to be administered Verrica’s phase 3 study of its flagship product Ycanth for treatment of common warts.
Torii will also pay a $10 million milestone payment in cash following Japanese approval of Ycanth for treatment of the skin disease molluscum contagiosum. The approval is expected before the end of the year.
Torii will continue to share the costs of Ycanth’s global phase 3 program with Verrica and will cover the first $40 million of the current trial budget.
“Our global phase 3 program in common warts has the potential to transform our company by expanding Ycanth’s label to one of the most prevalent skin conditions,” said Jayson Reiger, CEO of Verrica.
Read more about Verrica and Torii working on their licensing agreement for medical treatment in the Philadelphia Business Journal.
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