Verrica FDA approves YCANTH for molluscum; secures up to $125M debt financing

Verrica Pharmaceuticals Inc.

YCANTH (cantharidin 0.7%) topical solution approved for molluscum contagiosum in patients 2+ years; first FDA-approved treatment for the indication.
Phase 3 CAMP-1: 46% complete clearance vs 18% placebo (p<0.0001); CAMP-2: 54% vs 13% (p<0.0001).
Non-binding term sheet for up to $125M debt facility; $50M available immediately at close, expected by end of week.
Debt is 5-year term loan bearing SOFR + 8% (4% floor); warrant for $3.1M common stock at 10-day VWAP.
Verrica plans commercial launch by September 2023; cash runway extended into Q1 2025 with $60M on hand plus $50M upfront.

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