Verrica Pharmaceuticals closes credit facility for up to $27.5 million with entity controlled by Chairman Paul Manning
VRCA•Use of proceeds
Proceeds are earmarked for YCANTH commercialization, the Phase 3 common warts program, and general corporate purposes.
Credit facility closes with entity controlled by chairman
Verrica Pharmaceuticals closed a credit facility of up to $27.5 million with an entity controlled by Paul B. Manning.
- $12.5 million is available immediately; another $15 million unlocks on revenue, growth, and operational milestones.
- Interest is set at 1-month SOFR + 8% with a 4.5% SOFR floor; interest is payable in kind.
- The facility matures on Dec. 31, 2030 and has no scheduled interest or principal payments until maturity absent a default.
- It is secured by substantially all assets.
