WEST CHESTER, PA — Verrica Pharmaceuticals Inc. (Nasdaq: VRCA) announced its financial results this week for the second quarter ended June 30, 2024, reporting net revenue of $4.9 million for its product YCANTH®. This revenue reflects the expansion of YCANTH’s distribution network, which now includes Cencora, Inc. as a specialty distributor.
A significant milestone for YCANTH® was the receipt of a permanent J-Code, effective April 1. This code has already begun to boost product demand by streamlining Medicaid coverage and reimbursement decisions for Verrica’s patient population. “We are already beginning to see the effects of the permanent J-Code on increasing demand for YCANTH, as product coverage and reimbursement decisions for our Medicaid patient population become increasingly streamlined,” said Ted White, President and CEO of Verrica. “Based on these two positive developments, coupled with our growing insurance coverage and distribution capabilities, we expect YCANTH prescription growth to continue quarter over quarter in the second half of 2024.”
In addition to financial achievements, Verrica announced positive preliminary topline results from Part 2 of its Phase 2 clinical study of VP-315, a novel oncolytic peptide for treating basal cell carcinoma. The study showed that VP-315 was well tolerated, with no serious treatment-related adverse events. All patients experienced tumor size reduction, with an average reduction of approximately 86%. Moreover, 51% of lesions treated achieved complete histological clearance.
“Our late-stage clinical pipeline is also making meaningful progress. This morning, we announced exciting new data from our Phase 2 study evaluating our novel oncolytic peptide, VP-315, for the treatment of basal cell carcinoma. Based on these positive safety and efficacy data, we believe VP-315 has the potential to become a first-line therapy for the treatment of basal cell carcinoma, and we look forward to sharing more detailed results at a KOL event in the near-future,” said White.
The company is also preparing for a global Phase 3 trial for Common Warts, with initiation expected in the first half of 2025. Verrica recently amended its agreement with Torii Pharmaceutical Inc. Ltd. to advance YCANTH into Phase 3 testing for common warts, addressing a significant unmet need in dermatology.
Verrica made strides in removing unapproved, compounded cantharidin from the U.S. market following a litigation settlement with Dormer Laboratories. This development, along with the growing insurance coverage, is expected to drive YCANTH’s prescription growth.
Overall, Verrica Pharmaceuticals is well-positioned for continued growth, driven by its expanding distribution network, promising clinical trial results, and strategic partnerships. The company’s efforts to innovate and provide effective treatment options continue to show promise for the future.
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