Veru, Inc. is an oncology and urology biopharmaceutical company. It develops medicines for prostate cancer treatment and prostate cancer supportive care as well as urology specialty pharmaceuticals. Its oncology drug candidates includes VERU-111, an oral alpha and beta tubulin inhibitor, which is in a phase 1b/2 study for the treatment of metastatic castration resistant prostate cancer; Zuclomiphene citrate, which is in a phase 2 clinical trial for the treatment of hot flashes in men undergoing prostate cancer hormonal therapies; and VERU-100, a long-acting GnRH antagonist 3 month subcutaneous depot, planned phase 2 clinical trial for the treatment of hormone sensitive advanced prostate cancer. The company's urology specialty pharmaceutical drug candidate is TADFIN, a tadalafil and finasteride combination oral capsule, for the treatment of men with benign prostatic hyperplasia. Its commercial products include the FC2 Female/Internal condom for prevention of pregnancy and sexually transmitted infections and PREBOOST 4% benzocaine wipes for the prevention of premature ejaculation marketed as Roman Swipes by getroman.com. The company was founded by William R. Gargiulo Jr. and O.B. Parrish in 1996 and is headquartered in Miami, FL.
COVID-19 and its impact on the economic environment and capital markets could adversely affect our access to capital when needed.
We may not be entitled to forgiveness of our recently received PPP Loan, and our application for the PPP Loan could in the future be determined to have been impermissible or could result in damage to our reputation.
The Company generated net revenues of $9.9 million and net loss of $0.8 million, or $(0.01) per basic and diluted common share, for the three months ended March 31, 2020, compared to net revenues of $7.0 million and net loss of $4.0 million, or $(0.07) per basic and diluted common share, for the three months ended March 31, 2019. Net revenues increased 43% year over year.
FC2 net revenues represented 96% of total net revenues for the three months ended March 31, 2020. FC2 net revenues increased 39% year over year. There was a 30% decrease in total FC2 unit sales and an increase in FC2 average sales price per unit of 98%. The principal factor for the increase in the FC2 average sales price per unit compared to prior year was the increase in net revenues in the U.S. prescription channel. The Company experienced an increase of 168% in FC2 net revenues in the U.S. prescription channel and a decrease of 40% in FC2 net revenues in the global public sector.
Cost of sales increased to $2.5 million in the three months ended March 31, 2020 from $2.4 million in the three months ended March 31, 2019 primarily due to an increase in labor, transportation, and equipment maintenance costs.