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.
The Company generated net revenues of $9.7 million and net loss of $2.8 million, or $(0.04) per basic and diluted common share, for the three months ended June 30, 2019, compared to net revenues of $5.5 million and net loss of $7.9 million, or $(0.15) per basic and diluted common share, for the three months ended June 30, 2018. Net revenues increased 77% for the period.
FC2 net revenues represented 95% of total net revenues. FC2 net revenues increased 69% for the period. There was a 9% increase in total FC2 unit sales and an increase in FC2 average sales price per unit of 56%. The increase in the FC2 average sales price per unit compared to the same period last year was due to the increase in sales in the U.S. prescription channel. The Company experienced an increase in FC2 net revenues of 1,074% in the U.S. prescription channel and a slight decrease in global public sector net revenues of 4%.
Cost of sales increased to $3.2 million in the three months ended June 30, 2019 from $2.4 million for the same period last year primarily due to the increase in unit sales in the U.S. prescription channel.