Verrica Pharmaceuticals is restructuring its sales and operating teams in an effort to reduce costs and expand access to its flagship product, writes John George for the Philadelphia Business Journal.
The West Chester dermatology therapeutics company expects to reduce its overall cost structure by half, and at the same time, keep sufficient resources to support Ycanth, which is its only product in the market.
As a result of the restructuring, 47 employees will be laid off. According to documents filed with the Securities and Exchange Commission, the company had 100 full-time employees at the start of 2024.
The Food and Drug Administration approved Ycanth as a treatment for molluscum contagiosum, a skin disorder, last year.
The company, led by CEO Ted White, plans to reduce the number of sales territories for its product from the current 80 to 35 in an effort to reduce expenses and optimize the efficiency of its teams in the field. Verrica will focus on territories with a high prevalence of molluscum, a critical mass of patients who previously used Ycanth’s active ingredient cantharidin, while ensuring strong coverage is available for the treatment.
Read more about Verrica Pharmaceuticals restructuring some of its teams in the Philadelphia Business Journal.
_______
