Verrica unlocks full $27.5 million credit facility after meeting milestones
VRCA•Verrica Pharmaceuticals met milestones that unlocked $15 million in additional credit, bringing total facility availability to $27.5 million. The loans carry interest at one-month SOFR plus 8%, subject to a 4.5% SOFR floor, and mature on December 31, 2030.
1. Credit facility terms
Verrica Pharmaceuticals met milestones unlocking $15 million in additional credit, bringing total availability under the facility to $27.5 million. The lender is an entity controlled by board Chairman Paul B. Manning; $12.5 million was funded in September. Interest is payable in kind absent default, and the loans are secured by substantially all company assets and certain subsidiaries’ assets.
