NEWS
Verrica Pharmaceuticals Announces Restructuring of Commercial Organization
Company significantly reduces cost structure with a realigned sales, marketing and operational infrastructure
- Sales and marketing efforts to focus on pediatricians and expand access beyond dermatologists
WEST CHESTER, Pa., Oct. 02, 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 a restructuring of its sales and operating teams to reduce costs and expand access to YCANTH® for the treatment of molluscum contagiosum.
These operational changes to Verrica's commercial organization are expected to reduce the Company's overall cost structure by approximately fifty percent, while maintaining sufficient resources to support YCANTH® as the new standard of care for patients with molluscum contagiosum.
Commercial Restructuring Detail:
To reduce expenses and optimize the efficiency of Verrica's field force, the Company will reduce the number of sales territories from 80 to approximately 35, with a focus on those territories that have historically shown a high prevalence of molluscum, a critical mass of previous cantharidin users and strong insurance coverage for YCANTH®. Sales activities in each of these territories will focus on pediatricians in addition to Verrica's established sales efforts to dermatology offices. The Company will also reduce headcount in certain support functions. Total operating expenses after the restructuring are expected to be reduced by approximately fifty percent. The Company will incur a one-time charge related to the restructuring of approximately $1.0 million.
- Sales and marketing efforts to focus on pediatricians and expand access beyond dermatologists
WEST CHESTER, Pa., Oct. 02, 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 a restructuring of its sales and operating teams to reduce costs and expand access to YCANTH® for the treatment of molluscum contagiosum.
These operational changes to Verrica's commercial organization are expected to reduce the Company's overall cost structure by approximately fifty percent, while maintaining sufficient resources to support YCANTH® as the new standard of care for patients with molluscum contagiosum.
Commercial Restructuring Detail:
To reduce expenses and optimize the efficiency of Verrica's field force, the Company will reduce the number of sales territories from 80 to approximately 35, with a focus on those territories that have historically shown a high prevalence of molluscum, a critical mass of previous cantharidin users and strong insurance coverage for YCANTH®. Sales activities in each of these territories will focus on pediatricians in addition to Verrica's established sales efforts to dermatology offices. The Company will also reduce headcount in certain support functions. Total operating expenses after the restructuring are expected to be reduced by approximately fifty percent. The Company will incur a one-time charge related to the restructuring of approximately $1.0 million.
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