Verrica Pharma Enters Amendment To License Agreement With Torii Pharma

(RTTNews) - Verrica Pharmaceuticals Inc. (VRCA) has entered into an amendment to its existing licensing agreement with Torii Pharmaceutical Co. Ltd., to jointly conduct a global pivotal Phase 3 clinical trial of YCANTH for the treatment of common warts. The terms of the amendment would enable the two companies to equally split the cost of the global Phase 3 trial in common warts, with Torii funding Verrica's portion of the costs as an offset to Torii's future payment obligations to Verrica based on regulatory milestones and sales of YCANTH for molluscum contagiosum and common warts in Japan. Also, Torii would make a milestone payment of $8 million to Verrica upon the first patient dosed in Japan in the Phase 3 trial.

In March 2021, the companies entered into an agreement granting Torii an exclusive license to develop and commercialize Verrica's product candidates for the treatment of molluscum contagiosum and common warts in Japan, including YCANTH.

Verrica Pharmaceuticals said funding structure is expected to have a minimal impact on its cash position.

Shares of Verrica Pharmaceuticals are down 8% in pre-market trade on Wednesday.

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