Anticipating a July approval of its cantharidin formulation, Verrica says it is poised to implement a buy-and-bill model for a clinician-administered product with an addressable market of 6 million.

Stock market reaction to the first day’s news from the 38th J.P. Morgan Healthcare conference in San Francisco was negative, probably because expectations for a continuation of December’s bumper M&A bonanza were too high.

Nitric oxide-releasing SB206 missed the primary endpoint in a pair of Phase III studies, but Novan hopes a third study and success on a secondary endpoint still can lead to filing for approval.

Public Company Edition: Bellus launched the first biopharma IPO in the US since mid-July and Vir Biotechnology, run by former Biogen CEO George Scangos, wants to raise $100m. Also, Turning Point's $202.5m offering and Zafgen's strategic review.