Verrica Files IPO for Molluscum Drug

Verrica Pharmaceuticals has filed for an initial public offering to raise $86.25 million for VP-102, a cantharadin-based topical treatment for molluscum contagiosum and Verruca Vulgaris (plantar warts). This is Verrica’s lead product.  

“Our lead product candidate, VP-102, is a proprietary drug-device combination of our novel topical solution of cantharadin, a widely recognized, naturally sourced agent to treat topical dermatological conditions, administered through our single-use precision application,” Verrica wrote in their Securities and Exchange Commission registration.

Verrica got its start in 2013, and is led by former Aqua Pharmaceutical president Ted White, who also served as Novartis Pharmaceuticals’ Managing Director for over 25 years.  

The West Chester, Pennsylvania-based company plans to use the funding for their 250-participant phase 3 clinical trial and for market release. The randomized, double-blind, placebo study will give patients up to four treatments every 21 days. For every three patients who receive VP-102, two will be given placebo samples. The treatment can be used on most of the body and will be left on the lesions for 24 hours. Patients’ overall progress will be evaluated at day 84.

According to FierceBiotech, the IPO will get Verrica one step further toward receiving Food and Drug Administration clearance, and put VP-102 in the ring with competitive wart therapies like compounded cantharadin, cryotherapy, curettage, and laser surgery.