Verrica shares jump after $75M IPO
Verrica Pharmaceuticals Inc. (NASDAQ:VRCA) added $2.50 (17%) to $17.50 in its first day of trading June 15 after the dermatology company raised $75 million through the sale of 5 million shares at $15 in an IPO. The price, which was at the midpoint of Verrica's proposed range of $14-$16, valued the company at $374.2 million. BofA Merrill Lynch, Jefferies and Cowen underwrote the deal.
Verrica expects data in 1H19 from two Phase III trials of VP-102 to treat molluscum cantagiosum, and hopes to submit an NDA to FDA for the candidate next year. The therapy, a topical film forming solution of cantharidin administered through a single-use applicator, is also in a Phase II trial to treat common warts...
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