WEST CHESTER, Pa., March 26, 2025 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. ("Verrica" or the "Company") (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced the appointment of Noah L. Rosenberg, M.D., as Chief Medical Officer.
"We are excited to welcome Noah Rosenberg to the Verrica team as our new Chief Medical Officer," said Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica. "As a highly accomplished drug development executive and physician, Noah's deep expertise will significantly help our efforts to establish YCANTH® as the new standard of care for the treatment of molluscum contagiosum and advance our clinical-stage programs in basal cell carcinoma and common warts. Dr. Rosenberg brings to Verrica more than 30 years of clinical and therapeutic development experience with multiple global drug approvals across a number of therapeutic areas, including dermatology."
"I would also like to thank Gary Goldenberg for his many contributions to Verrica over the last several years, which included the U.S. Food and Drug Administration's approval of YCANTH for the treatment of molluscum contagiosum. He stepped into the role of CMO from our Board of Directors when Verrica needed him most and has guided Verrica's development programs while providing clinical care to dermatology patients and being an advocate for patients and clinicians at the podium of many medical and scientific conferences. We are grateful to still have Gary's expertise as part of the Verrica team as a strategic advisor and consultant while he spends more time caring for his patients and on other endeavors."
"Joining the Verrica team as its new Chief Medical Officer represents a unique and exciting opportunity for me to develop innovative new treatments that aim to address some of the most prevalent skin conditions," said Dr. Rosenberg. "Verrica is not only the first company to successfully develop and launch an FDA-approved therapy for the treatment of molluscum contagiosum, but is seeking to address two other large and underserved patient populations with its ongoing clinical programs in basal cell carcinoma and common warts. I look forward to working with my Verrica colleagues to help bring these innovative new treatments, which have the potential to positively impact the lives of millions of patients each year, to market."
Dr. Rosenberg has served as Chief Medical Officer for both public and private biotechnology companies, and has been responsible for the clinical development and medical strategy for pipeline candidates and multiple product launches. Dr. Rosenberg led the clinical development and approval of Xepi, a topical antibiotic for the treatment of impetigo, at Medimetriks Pharmaceuticals. He most recently served as CMO of Travere Therapeutics (Nasdaq: TVTX), where he led the team responsible for the development and subsequent approval of Filspari. Earlier in his career, Dr. Rosenberg held senior positions with Esperion Therapeutics (Nasdaq: ESPR), Forest Research Institute, Sanofi, and Pfizer where he focused on CV/Metabolism drug development. He received his medical degree from Drexel University College of Medicine and completed his Residency in Internal Medicine at The Mount Sinai School of Medicine, Mount Sinai Hospital. Dr. Rosenberg received his Bachelor of Arts in Natural Sciences from The Johns Hopkins University.
Inducement Grant
In connection with the appointment of Dr. Rosenberg as Chief Medical Officer, on March 21, 2025, the independent members of the Company's Board of Directors approved granting Dr. Rosenberg a stock option award to purchase 325,000 shares of Verrica's common stock pursuant to the Verrica Pharmaceuticals Inc. 2024 Inducement Plan (the "Inducement Plan"), effective as of March 24, 2025. The stock option was granted as an inducement material to the Dr. Rosenberg's becoming an employee of Verrica in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Verrica (or following a bona fide period of non-employment), as an inducement material to such individual's entering into employment with Verrica, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
The option award has an exercise price equal to $0.5221 per share, which was the closing price of Verrica's common stock on March 24, 2025. The option award will vest, and become exercisable (as applicable), as to 1/8th of the shares on the date that is six months following Dr. Rosenberg's start date, and 1/48th of the shares each month thereafter on the same day of the month as the start date, subject to Dr. Rosenberg's continuous service with Verrica on such vesting dates. The option award is subject to the terms and conditions of the Inducement Plan, and the terms and conditions of a stock option agreement covering the grant.
About YCANTH® (VP-102)
YCANTH® is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of molluscum. YCANTH® is the first and only commercially available product approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum - a common, highly contagious skin disease that affects an estimated six million people in the United States, primarily children. Approval of YCANTH® was based upon the positive results from two Phase 3 clinical trials in approximately 500 patients which demonstrated that YCANTH® was a safe and effective therapeutic for the treatment of molluscum. Approximately 225 million lives are eligible to receive YCANTH® covered by insurance. YCANTH® is available to all patients with and without insurance coverage for $25 per treatment, and further financial assistance is available for patients in need. Please visit YCANTHPro.com for additional information.
About Verrica Pharmaceuticals Inc.
Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica's product YCANTH® (VP-102) (cantharidin), is the first and only commercially available treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. YCANTH® (VP-102) is also in development to treat common warts, the largest remaining unmet need in medical dermatology. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," and similar expressions, and are based on Verrica's current beliefs and expectations. These forward-looking statements include statements about the commercialization of YCANTH and the clinical development and benefits of Verrica's product candidates, including YCANTH (VP-102) and VP-315. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include risks and uncertainties related to market conditions, satisfaction of customary closing conditions related to the proposed public offering and other risks and uncertainties that are described in Verrica's Annual Report on Form 10-K for the year ended December 31, 2024 and other filings Verrica makes with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:
John J Kirby
Interim Chief Financial Officer
jkirby@verrica.com
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
