GlobeNewswire

Verrica Announces Pricing of $42.0 Million Public Offering

Verrica Pharmaceuticals Inc.
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Verrica Pharmaceuticals Inc.
Verrica Pharmaceuticals Inc.

WEST CHESTER, Pa., Nov. 21, 2024 (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 pricing of an underwritten public offering of 44,964,045 shares of its common stock and, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase 2,235,955 shares of its common stock, and in either case, accompanying Series A warrants to purchase 23,600,000 shares of its common stock at an exercise price of $1.0680 per share of common stock and Series B warrants to purchase 23,600,000 shares of its common stock at an exercise price of $1.3350 per share of common stock, at a combined public offering price of $0.89 per share of common stock and accompanying Series A and Series B warrants (or $0.8899 per pre-funded warrant and accompanying Series A and Series B warrants). All of the securities being sold in the offering are being sold by Verrica. The offering is expected to close on November 22, 2024, subject to the satisfaction of customary closing conditions. Verrica also granted the underwriter an option for a period of 30 days to purchase up to 7,080,000 additional shares of the Company’s common stock and/or Series A warrants to purchase up to 3,540,000 additional shares of its common stock and Series B warrants to purchase up to 3,540,000 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions.

The gross proceeds from the offering, before deducing the underwriting discounts and commissions and offering expenses payable by Verrica and assuming no exercise of the pre-funded warrants or accompanying Series A and Series B warrants, are expected to be approximately $42.0 million.

Jefferies is acting as sole book-running manager for the offering.

A shelf registration statement relating to the shares of common stock, pre-funded warrants and accompanying Series A and Series B warrants offered in the offering described above was filed with the Securities and Exchange Commission (SEC) on November 7, 2022 and declared effective by the SEC on December 19, 2022. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, when available, may also be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com.

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