Virpax Pharmaceuticals Announces Notification from Nasdaq Related to Delayed Form 10-Q Filing

Rhea-AI Summary

Virpax® Pharmaceuticals, Inc. (NASDAQ: VRPX) received a notice from Nasdaq stating non-compliance with filing its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023. The company filed a Notification of Late Filing on Form 12b-25 and continues to evaluate a litigation decision. Virpax is working diligently to finalize and file the Quarterly Report.

BERWYN, Pa.--(BUSINESS WIRE)-- Virpax^® Pharmaceuticals, Inc. (“Virpax” or the “Company”) (NASDAQ: VRPX), a company specializing in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders and anti-viral barriers, today announced that it received a notice (the “Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market (“Nasdaq”) on November 16, 2023 stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended, September 30, 2023 (the “Quarterly Report”) with the Securities and Exchange Commission.

On November 15, 2023, Virpax filed a Notification of Late Filing on Form 12b-25 indicating that the filing of the Quarterly Report would be delayed because the Company requires additional information necessary to complete the Quarterly Report. Virpax continues to evaluate the Chancery Court of the State of Delaware’s decision delivered on September 1, 2023, regarding litigation filed by Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. against Anthony P. Mack and the Registrant.

The Company is working diligently to finalize and file the Quarterly Report.

About Virpax Pharmaceuticals

Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain and Envelta™ is an intranasal molecular envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET) to develop two other product candidates. PES200 is a product candidate being developed to manage post-traumatic stress disorder (PTSD) and NobrXiol™ is a product candidate being developed for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of rare pediatric epilepsy. Virpax has competitive cooperative research and development agreements (CRADAs) for all three of its prescription drug candidates, two with the National Institutes of Health (NIH) and one with the Department of Defense (DOD). Virpax is also seeking approval of two nonprescription product candidates: AnQlar™, which is being developed to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm™, which is a topical diclofenac spray film formulation being developed to manage pain associated with osteoarthritis. For more information, please visit virpaxpharma.com and follow us on Twitter, LinkedIn and YouTube.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's planned clinical trials, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential,” "predict," "project," "should," "would" and similar expressions and the negatives of those terms and include statements regarding working diligently to finalize and file the Quarterly Report as soon as possible . These statements relate to future events or the Company’s financial performance and involve known and unknown risks, uncertainties, and other factors, including the Company’s ability to finalize and file the Quarterly Report as planned; the Company’s ability to successfully begin trials when expected and complete research and further development and commercialization of Company drug candidates in current or future indications; the impact of any damages or remedies awarded in the additional proceedings of the lawsuit filed in the Delaware Chancery Court against the Company; the uncertainties inherent in clinical testing; the Company’s ability to manage and successfully complete clinical trials and the research and development efforts for multiple product candidates at varying stages of development; the timing, cost and uncertainty of obtaining regulatory approvals for the Company’s product candidates; the Company’s ability to protect its intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company's product candidates; the Company’s ability to continue to obtain capital to meet its long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete clinical trials that the Company plans to initiate; and other factors listed under "Risk Factors" in our annual report on Form 10-K and quarterly reports on Form 10-Q that the Company files with the U.S. Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Investor Relations:

Betsy Brod

Affinity Growth Advisors

Betsy.brod@affinitygrowth.com

(917) 923-8541

Media:

Robert Cavosi

RooneyPartners

rcavosi@rooneypartners.com

(646) 638-9891

Source: Virpax Pharmaceuticals

FAQ

Why did Virpax receive a notice from Nasdaq?

Virpax received a notice from Nasdaq due to non-compliance with filing its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023.

What did Virpax do after receiving the notice?

Virpax filed a Notification of Late Filing on Form 12b-25 indicating that the filing of the Quarterly Report would be delayed because the company requires additional information necessary to complete the Quarterly Report.

What is Virpax's current focus?

Virpax is working diligently to finalize and file the Quarterly Report and is evaluating a litigation decision from the Chancery Court of the State of Delaware.