Verrica prices $32.5M underwritten offering of common stock and pre-funded warrants

Verrica Pharmaceuticals Inc.

750,000 shares at $6.75 and 4,064,814 pre-funded warrants at $6.7499 per share.
Gross proceeds expected ~$32.5M before underwriting discounts and expenses.
Jefferies LLC acting as sole book-runner; closing expected Feb 23, 2023.
Offering substantially led by one healthcare dedicated fund.
Shelf registration statement (333-268229) effective Dec 19, 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Verrica Pharmaceuticals Inc. entered into Underwriting Agreement with Jefferies LLC valued at approximately $32.5 million (effective 2023-02-21).

Action: entry
Agreement: underwriting
Counterparty: Jefferies LLC
Value: approximately $32.5 million
Effective: 2023-02-21

Exact text from the filing

On February 21, 2023, Verrica Pharmaceuticals Inc. (the “C ompan y’) entered into an underwriting agreement (“ Underwriting Agreement ”) with Jefferies LLC (the “ Underwriter ”), to issue and sell 750,000 shares (the “ Shares ”) of the Company’s common stock, par value $0.0001 per share (the “ Common Stock ”) at a price of $6.75 per share and, in lieu of Common Stock, certain investors were issued pre-funded warrants to purchase an aggregate of 4,064,814 shares of Common Stock at a price of $6.7499 (the “ Pre-Funded Warrants ”), which represents the per share price for the Shares less the $0.0001 per share exercise price for each Pre-Funded Warrant (the “ Offering ”).

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Source: SEC EDGAR

accession 0001193125-23-043040

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