Brief: Verrica Pharmaceuticals Enters Into Non-Binding Term Sheet For Term Loan Facility Of Up To $125 Million

Verrica Pharmaceuticals

24/07/2023 12:43

July 24 (Reuters) - Verrica Pharmaceuticals Inc
 VRCA.O :
    * VERRICA PHARMACEUTICALS INC - ENTERED INTO NON-BINDING
TERM
SHEET FOR TERM LOAN FACILITY OF UP TO $125 MILLION
    * VERRICA PHARMACEUTICALS - UNDER TERMS OF TERM SHEET,
INTENDS TO
BORROW $50 MILLION IMMEDIATELY FOLLOWING CLOSE OF TRANSACTION
    * VERRICA PHARMACEUTICALS INC - FACILITY IS A FIVE-YEAR TERM
LOAN
THAT MATURES IN JULY 2028
    * VERRICA PHARMACEUTICALS - SEES $50 MILLION UPFRONT, PLUS
$60
MILLION IN CASH, CASH EQUIVALENTS ON-HAND AS OF MARCH 31, TO
EXTEND CASH RUNWAY INTO Q1 OF 2025

Source text for Eikon:  ID:nGNX4GrRPM 
Further company coverage:  VRCA.O 

 ((Reuters.Briefs@thomsonreuters.com;))