Verrica Announces Pricing of Public Offering of Common Stock
March 22 2021 - 9:31PM
Verrica Pharmaceuticals Inc. (Verrica) (NASDAQ: VRCA), a
dermatology therapeutics company developing medications for skin
diseases requiring medical interventions, today announced the
pricing of its underwritten public offering of 2,033,899 shares of
its common stock at a price to the public of $14.75 per share. In
addition, Verrica has granted to the underwriters a 30-day option
to purchase up to 305,084 additional shares of common stock at the
public offering price, less the underwriting discount. The gross
proceeds from the offering to Verrica are expected to be
approximately $30.0 million, before deducting underwriting
discounts and commissions and offering expenses, but excluding any
exercise of the underwriters’ option. The offering is expected to
close on or about March 25, 2021, subject to customary closing
conditions.
Jefferies LLC, Cowen and Company, LLC and RBC Capital Markets,
LLC are acting as joint book-running managers for the offering.
A shelf registration statement relating to this offering was
filed with the Securities and Exchange Commission (SEC) on March
13, 2020 and declared effective by the SEC on March 25, 2020. The
offering is being made only by means of a written prospectus and
prospectus supplement that form a part of the registration
statement. A preliminary prospectus supplement and accompanying
prospectus relating to the offering has been filed with the SEC and
is available on the SEC’s website at www.sec.gov. A final
prospectus supplement and accompanying prospectus will be filed
with the SEC. When available, copies of the final prospectus
supplement and the accompanying prospectus may also be obtained by
contacting Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by
telephone at 877-547-6340 or by email at
Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, Attn: Prospectus Department, by telephone at (833)
297-2926, or by email at PostSaleManualRequests@broadridge.com; or
RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey
Street, 8th Floor, New York, NY 10281, or by telephone at (877)
822-4089 or by email at equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities being offered, nor
shall there be any sale of the securities being offered in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Verrica Pharmaceuticals Inc.
Verrica is a dermatology therapeutics company developing
medications for skin diseases requiring medical interventions.
Verrica’s late-stage product candidate, VP-102, is in development
to treat molluscum, common warts and external genital warts, three
of the largest unmet needs in medical dermatology. Verrica is also
developing VP-103, its second cantharidin-based product candidate,
for the treatment of plantar warts. The Company has also entered a
worldwide license agreement with Lytix Biopharma AS to develop and
commercialize LTX-315 for dermatologic oncology conditions.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Verrica Pharmaceuticals Inc., including
statements about Verrica’s public offering related to expected
gross proceeds and anticipated closing date, and other statements
containing the words “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,” and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including: the uncertainties related to market conditions
and the completion of the public offering on the anticipated terms
or at all and such other factors as are set forth in the risk
factors detailed in Verrica’s Annual Report on Form 10-K for the
year ended December 31, 2020 and other filings Verrica makes with
the SEC from time to time. In addition, the forward-looking
statements included in this press release represent Verrica’s views
as of the date hereof. Verrica anticipates that subsequent events
and developments will cause Verrica’s views to change. However,
while Verrica may elect to update these forward-looking statements
at some point in the future, Verrica specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing Verrica’s views as of any date
subsequent to the date hereof.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:A. Brian DavisChief Financial
Officer484.453.3300 ext. 103info@verrica.com
William WindhamSolebury
Trout646.378.2946wwindham@troutgroup.com
Media:Zara LockshinSolebury
Trout646.378.2960zlockshin@troutgroup.com
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