NEW YORK, Sept. 23, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Verrica Pharmaceuticals Inc. ("Verrica" or the "Company") (NASDAQ: VRCA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Verrica and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 29, 2020, Verrica announced receipt of a letter from the U.S. Food and Drug Administration ("FDA") as part of the FDA's ongoing review of the Company's New Drug Application ("NDA") for VP-102 (cantharidin 0.7% topical solution), Verrica's lead product candidate for the treatment of molluscum contagiosum. According to the Company, the letter cited deficiencies that precluded discussion of labeling and post-marketing requirements/commitments at that time.
Following this announcement, Verrica's stock price fell $3.06 per share, or 21.75%, to close at $11.01 per share on June 30, 2020.
Then, on July 14, 2020, Verrica announced receipt of a Complete Response Letter ("CRL") from the FDA regarding the NDA for VP-102, advising Verrica that "the FDA is seeking additional information regarding certain aspects of the CMC (Chemistry, Manufacturing, and Controls) process for the drug/device combination, as well as Human Factors validation."
Following Verrica's disclosure of the CRL, the Company's stock price fell $0.33 per share, or 3.75%, to close at $8.47 per share on July 14, 2020.
Then, on September 20, 2021, Verrica issued a press release announcing receipt of a CRL from the FDA regarding its NDA for VP-102. The press release stated that "[a]ccording to the CRL, "the FDA has identified deficiencies at a facility of a contract manufacturing organization (CMO), which are not specifically related to the manufacturing of VP-102 but instead raise general quality issues at the facility."
On this news, Verrica's stock price fell $1.00 per share, or 8.3%, to close at $11.03 per share on September 21, 2021.
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