SAN DIEGO–(BUSINESS WIRE)–$VRCA #VRCA–Shareholder rights law firm Robbins LLP is investigating Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) and its officers and directors to determine whether they breached fiduciary duties and violated securities laws in connection with statements made in connection to the Company’s New Drug Application for VP-102. Verrica is a dermatology therapeutics company that develops medications for viral skin diseases requiring medical intervention.
If you would like more information about our investigation of Verrica Pharmaceuticals Inc.’s misconduct, click here.
What is this Case About: Verrica has spent several years working to bring to market VP-102, the Company’s investigational, proprietary, drug-device combination for the treatment of molluscum contagiosum. However, several challenges have prevented this from happening. Verrica received its first Complete Response Letter (CRL) regarding the New Drug Application (NDA) in September 2021 due to deficiencies at a facility of Verrica’s contract manufacturer. Verrica resubmitted the NDA for VP-102 in November 2021, claiming “[t]he resubmission addresses the successful resolution of inspection deficiencies” at the manufacturing facility.
On May 24, 2022, Verrica received yet another CRL from the FDA related to its NDA for VP-102, citing “deficiencies identified during a general inspection of Sterling Pharmaceuticals Services, LLC (Sterling) the contract manufacturing organization (CMO) that manufacture’s Verrica’s bulk solution drug product.” On this news, the Company’s stock price fell 63.85%, to close at $2.01 per share on May 25, 2022.
According to a complaint filed against Verrica, defendants failed to disclose that there were manufacturing deficiencies at the facility where Verrica’s contract manufacturer produced bulk solution for VP-102 and that these deficiencies were not remediated when Verrica resubmitted its NDA for VP-102, which presented a significant risk to Verrica obtaining regulatory approval for VP-102.
Next Steps: If you acquired your shares of Verrica Pharmaceuticals Inc. (VRCA) securities between May 28, 2021 and May 24, 2022, you have legal options. Contact Robbins LLP for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Verrica Pharmaceuticals Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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