Why Shares of Verrica Pharmaceuticals Are Plummeting on Monday
Shares of Verrica Pharmaceuticals (NASDAQ: VRCA) were down more than 30% as of 2:45 p.m. on Monday. The company, which specializes in dermatology therapeutics, said it was entering into an agreement for as much as $125 million in financing to fund operations.
The healthcare company learned last week that it had received Food and Drug Administration (FDA) approval for a topical therapy to treat a skin infection.
Verrica gave the classic good news/bad news combination, but investors were more concerned with the bad news. On Friday, after the markets closed, the company said it had received approval from the FDA for Ycanth (cantharidin) to treat the skin infection molluscum contagiosum in adults and in children 2 or older.
Source Fool.com
