Verrica has entered into an agreement with Silicon Valley Bank and WestRiver Innovation Lending Fund VIII, pursuant to which the lenders have agreed to lend Verrica up to US$50 million in a series of term loans.
Verrica Pharmaceuticals (NASDAQ:VRCA) has entered into a mezzanine loan and security agreement with Silicon Valley Bank (SVB) and WestRiver Innovation Lending Fund VIII, L.P., pursuant to which the lenders have agreed to lend the Company up to US$50 million in a series of term loans.
As quoted in the press release.
In addition, the Company entered into a loan and security agreement with SVB, pursuant to which SVB has agreed to provide the Company a revolving line of credit of up to $5.0 million.
“The capital available under these facilities will support the potential launch and early commercialization activities, if approved, of YCANTH™ (cantharidin 0.7% topical solution), our investigational treatment for molluscum contagiosum, for which an NDA is currently under review by the FDA, with a PDUFA goal date of July 13, 2020,” commented A. Brian Davis, Chief Financial Officer of Verrica. “We believe the $35.0 million in proceeds received at closing in combination with existing cash, cash equivalents, and marketable securities will be sufficient to support our planned operations, which include expenses for the commercialization of YCANTH™, if approved, and continued full clinical development of VP-102 for additional indications, including common warts and external genital warts, as well as VP-103 for plantar warts, at least through the second quarter of 2021.”