prismmarketview
Oct 22, 5:59 PM
$VRCA: full
$27.5M credit facility now accessible (milestones met);
$12.5M funded in Sept.,
$15M available at Verrica’s option
→ Interest: SOFR + 8%, 4.5% floor (12.5% minimum), generally paid in kind; matures Dec. 31, 2030
→ Secured by substantially all assets; lender controlled by chairman Paul Manning
→ Funds YCANTH growth and two common warts pivotal trials (readouts Q1 2027 and ~mid-2027)
Caveats: borrowing capacity, not cash received. Non-dilutive, but PIK interest grows the balance. Related-party lender.
$VRCA #Biotech
https://prismmarketview.com/verrica-unlocks-full-27-5-million-credit-facility-to-support-ycanth-growth-and-warts-trials/
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