Verrica Pharmaceuticals Inc. (VRCA), a therapeutics company, on Monday announced the dosing of the first U.S. patient in the Phase 3 COVE-3 trial for YCANTH in treating common warts. Additionally, Torii Pharmaceutical Co. Ltd., the company's pharmaceutical partner, announced the dosing of the first Japanese patient in the COVE-3 trial last week.
Common warts affect roughly 22 million people in the U.S. alone, with 50% of patients being children.
YCANTH is a drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing. It was previously approved by the FDA in 2023 for the treatment of molluscum contagiosum.
The Phase 3 program for YCANTH in common warts has been designed to include two double-blind, randomized, vehicle-controlled studies evaluating efficacy and safety of the treatment. The COVE-3 is the second trial in the Phase 3 program, with COVE-2 reportedly completing 50% enrollment last month. Enrollment has also been initiated in the long-term follow-up trial, COVE-4.
The Phase 2 COVE-1 study has yielded positive interim results, with 51% of treated patients showing complete clearance of all warts by Day 84.
The company previously announced that expenditure for the trials would be split on a 50-50 basis between Torii and Verrica, with Torii undertaking responsibility for the first $40 million.
VRCA is currently trading at $5.90, up 4.80%.
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