Lytix Biopharma - Update from licensing partner Verrica Pharmaceuticals
Oslo, November 5th, 2024: Lytix Biopharma, a Norwegian immuno-oncology company dedicated to being part of tomorrow’s cancer treatment, refers to the third quarter announcement made by its licensing partner Verrica Pharmaceuticals November 4th, 2024.
In the release, Verrica Pharmaceuticals reported financial results, provided an update on its strategies to strengthen the balance sheet and announced a new management.
Dr. Jayson Rieger is appointed as new CEO of Verrica Pharmaceuticals. Rieger is also a board member of Lytix Biopharma and will continue as part of the Board of Directors of Lytix Biopharma also after taking the role as CEO of Verrica Pharmaceuticals.
Verrica is actively exploring ways of strengthening the balance sheet and has hired Jefferies as financial advisors.
You can read the full release from Verrica via this link: https://www.globenewswire.com/news-release/2024/11/04/2974439/0/en/Verrica-Pharmaceuticals-Reports-Third-Quarter-2024-Financial-Results-and-Announces-Leadership-Transition.html
Lytix Biopharma will present its Q3 results November 19th.
Verrica is currently finalizing its Phase II study with LTX-315 on treatment of patients with basal cell carcinoma, following the promising and positive top-line readout in August. Verrica has a worldwide license from Lytix to develop and commercialize LTX-315 for dermatological oncology indications, except metastatic melanoma and metastatic Merkel cell carcinoma. Under the license agreement, Lytix may receive total payments of more than $110 million upon achievement of certain clinical, regulatory and sales milestones. In addition, Lytix is entitled to royalty payments in the double-digit teens.
For any questions, please contact:
Dr. Øystein Rekdal, CEO
+47 975 73 358
Gjest Breistein, CFO
+47 952 60 512
About Lytix Biopharma
Based in Oslo, Norway, Lytix Biopharma is a clinical-stage biotech company with a highly novel technology based on world leading research in host-defense peptide-derived molecules. Lytix Biopharma’s lead product, LTX-315, is a first-in-class oncolytic molecule representing a new principle to boost anti-cancer immunity. Lytix Biopharma has a pipeline of molecules that can work in many different cancer indications and treatment settings, both as mono- and combination therapy.
About Verrica Pharmaceuticals
Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica’s product YCANTH® (VP-102) (cantharidin), is the first and only commercially available treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. YCANTH® (VP-102) is also in development to treat common warts and external genital warts, two of the largest remaining unmet needs in medical dermatology. Verrica is developing VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.