Verrica Pharmaceuticals Inc. plans to sell about $86.3 million of its common stock in an IPO.
The company also plans to grant underwriters the option to buy additional shares in the offering.
San Carlos, Calif.-based Verrica Pharmaceuticals is a clinical-stage medical dermatology company focused on identifying, developing and commercializing innovative pharmaceutical products for the treatment of skin diseases with significant unmet needs.
Verrica has applied to list its common stock on the Nasdaq Global Market under the symbol VRCA.
The company plans to use the net proceeds from the IPO along with existing cash and cash equivalents to complete planned clinical trials, seek regulatory approval and fund the commercial launch, if approved, of VP-102 to treat molluscum, a skin infection caused by the virus molluscum contagiosum.
In addition, Verrica will use the proceeds to fund the clinical development of VP-102 to treat common warts. The remaining proceeds will be used to develop VP-103 — a potential treatment of plantar warts — and VP-102 for additional indications, to develop, in-license or acquire additional product candidates and for working capital and other general corporate purposes.
Merrill Lynch Pierce Fenner & Smith Inc., Jefferies LLC and Cowen and Co. LLC are acting as underwriters for the IPO.
