Verrica Pharmaceuticals Announces Achievement of Milestones Unlocking Access to the Full $27.5 Million of Non-Dilutive Growth Capital Under Credit Facility
Verrica achieved pre-defined revenue, growth and operational milestones that increase its credit facility commitment by $15.0 million, making the full $27.5 million of non-dilutive capital available. The facility, from an entity controlled by board chairman Paul B. Manning, carries interest at SOFR plus 8.00% payable in kind, matures December 31, 2030, and requires no scheduled principal or interest cash payments.
Key figures
- Deal Value Usd
- 27500000
- Maturity
- December 31, 2030
- Interest rate
- one-month SOFR plus 8.00% per annum, subject to a 4.50% SOFR floor, payable in kind
- Initial funding
- $12.5 million funded in September
- Commitment increase
- $15.0 million
- Phase3 readout timing
- first topline data expected Q1 2027
AI analysis
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