Shares of Verrica Pharmaceuticals Inc. tumbled 54.5% in premarket trading on Wednesday, the day after the company told investors it received a complete response letter from the Food and Drug Administration relating to the application for the company’s experimental treatment for molluscum contagiosum, an infection caused by a poxvirus. The letter cited problems with the contract manufacturing organization Sterling Pharmaceuticals Services LLC, which made the bulk solution drug product used in the therapy, VP-102. Verrica previously received a CRL in September 2021 that also related to an issue with Sterling. Verrica’s stock is down 39.3% this year, while the broader S&P 500 has declined 17.3%.
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