VYNE Therapeutics Inc. (NASDAQ:VYNE) has announced its Q3 2020 financial results in which total revenue was $3.3 million and offered a business update.
VYNE launches ZILXI™
On October 1, 2020, the company launched ZILXI™, which implies that VYNE currently has two dermatological products in the market. David Domzalski, the company’s CEO, indicated that following the launch then immediate priorities of the company are leveraging then sales organization and physician knowledge with AMZEEQ® to boost uptake and gain wide payor acceptance and reimbursement. He added that they are delighted to see AMZEEQ® prescriptions surpass pre-pandemic levels for the first time since March and the overall acne market has continued to recover.
The company changed its corporate name in the third quarter to VYNE Therapeutics and ticker symbol to “VYNE” as of September 8, 2020. Also during the third quarter, VYNE launched ZILXI topical foam which was available in pharmacies across the nation on October 1, 2020. ZILXI is a topical minocycline foam, 1.5% for treating rosacea inflammation lesions in adults. It becomes the first FDA-approved minocycline product for treating rosacea adult patient. Notably, express scripts covering ZILXI were elected effective October 2 on the National Preferred, Flex and Basic Commercial formularies.
AMZEEQ growing its acne market share
VYNE also has topical minocycline foam, AMZEEQ, 4% for treating moderate to severe inflammatory acne Vulgaris lesion in adults and patients aged nine years and above. AMZEEQ has continued to gain acne market share and in the third quarter prescription volume was 32, 735, which represents a 52% QoQ growth. With the acne market continuing on the path to recovery, the company continues to witness growth in overall script counts.
Total revenue in the quarter was $3.3 million, which was primarily a result of AMZEEQ product sales that generated $2.9 million with royalty revenue accounting for $0.4 million. The company launched AMZEEQ at the beginning of this year. VYNE ended the quarter with $76.9 million in cash and cash equivalents together with projected cash flows will be adequate to fund operations through December 31, 2021.