Verrica Pharmaceuticals Announces Appointment of Terry Kohler as Chief Financial Officer

Rhea-AI Summary

Verrica Pharmaceuticals (Nasdaq: VRCA) has appointed Terry Kohler as Chief Financial Officer to enhance its management team in light of the potential commercial launch of VP-102, a treatment for skin diseases. Kohler brings over 20 years of experience, most recently from a global pharmaceutical company with annual revenues exceeding $2 billion. He succeeds Brian Davis, who is leaving the company. This leadership change aims to bolster commercial preparations for the expected launch this fall, as stated by CEO Ted White.

Positive

• Appointment of Terry Kohler as CFO, bringing over 20 years of experience in commercial finance.
• Kohler's background includes leadership roles in companies with revenues over $2 billion, indicating strong financial acumen.
• Focus on commercial preparations for VP-102, potentially enhancing market readiness.

Negative

• Departure of Brian Davis raises concerns about continuity in leadership.
• Potential risks associated with the regulatory approval of VP-102 could affect stock performance.

Company strengthens management team in anticipation of the potential commercial launch of VP-102, if approved

WEST CHESTER, Pa., July 09, 2021 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced the appointment of Terry Kohler as Chief Financial Officer. Mr. Kohler is a strategic and operational finance leader with over 20 years of commercial business experience, most recently at a global pharmaceutical company with annual revenues over $2 billion. Mr. Kohler is replacing Brian Davis, who is leaving Verrica to pursue other opportunities.

“Terry’s extensive commercial finance experience across the pharmaceutical product development landscape, including buy and bill business model, as well as his commercial acumen across all classes of trade, will support our commercial preparations for the potential launch of VP-102 this fall,” said Ted White, Verrica’s President and Chief Executive Officer. “We are pleased to welcome Terry to our team and look forward to leveraging his expertise. On behalf of the company and the Board, I thank Brian for his dedicated service to Verrica and wish him well.”

“I am thrilled to join Verrica and oversee commercial financial strategy to advance Verrica’s medical dermatology product portfolio,” said Mr. Kohler. “I look forward to working with Verrica’s Chief Commercial Officer and senior management to bring Verrica’s proprietary treatments to medical providers and patients.”

Prior to joining Verrica, Mr. Kohler served as Vice President, Corporate Development and Treasurer and Vice President, U.S. Branded and Specialty Pharmaceuticals at Endo International PLC, a publicly traded global specialty pharmaceutical company focused on branded, sterile and generic pharmaceuticals with annual revenues over $2 billion and locations in the United States, Ireland, India and Canada. Previously, Mr. Kohler served as a senior professional with a middle market investment banking firm, and also held various roles at Johnson & Johnson. Mr. Kohler holds a B.A. in International Business and Management from Dickinson College and an M.B.A. in Finance & Entrepreneurship from the University of North Carolina. He is a Certified Management Accountant.

About Verrica Pharmaceuticals Inc.

Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica’s late-stage product candidate, VP-102, is in development to treat molluscum, common warts and external genital warts, three of the largest unmet needs in medical dermatology. Verrica is also developing VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts. The Company has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize LTX-315 for dermatologic oncology conditions. For more information, visit www.verrica.com.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking statements include expectations regarding the potential approval and commercial launch of VP-102 for the treatment of molluscum and the clinical development of VP-102 for additional indications. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the drug development process and the regulatory approval process, Verrica’s reliance on third parties over which it may not always have full control, and other risks and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission on March 17, 2021, and other filings Verrica makes with the U.S. Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

FOR MORE INFORMATION, PLEASE CONTACT:
Investors:

William Windham
Solebury Trout
646.378.2946
wwindham@soleburytrout.com

Media:

Zara Lockshin
Solebury Trout
646.378.2960
zlockshin@soleburytrout.com

FAQ

Who has been appointed as the new CFO of Verrica Pharmaceuticals?

Terry Kohler has been appointed as the new Chief Financial Officer of Verrica Pharmaceuticals.

What experience does Terry Kohler bring to Verrica?

Terry Kohler brings over 20 years of commercial finance experience from a global pharmaceutical company with over $2 billion in annual revenues.

What is the expected impact of VP-102's potential launch?

The potential launch of VP-102 is expected to significantly enhance Verrica's market presence in treating skin diseases.

Why did Brian Davis leave Verrica Pharmaceuticals?

Brian Davis left Verrica Pharmaceuticals to pursue other opportunities.