Virpax Pharmaceuticals Announces Results of Special Shareholders Meeting

Rhea-AI Summary

Virpax Pharmaceuticals, Inc. (NASDAQ: VRPX) announced the approval of a reverse stock split to maintain compliance with Nasdaq's minimum bid price requirement. The reverse split ratio will be between 1-to-2 to 1-to-20, with the effective date to be announced later if the minimum bid price requirement is not met by April 8, 2024.

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 the results of the Special Meeting of Shareholders held on December 28, 2023.

The Virpax stockholders approved an amendment to the certificate of incorporation, at the discretion of the Board of Directors of the Company, to effect a reverse stock split. The Company only intends to effect the reverse split to maintain compliance with the $1.00 minimum price bid requirement for continued listing on Nasdaq. The Company will announce the reverse stock split ratio between a range of 1-to-2 to 1-to-20, and the anticipated effective date of the reverse stock split at a later time, if the minimum bid price requirement has not been met during the compliance period ending April 8, 2024.

The proposals regarding the amendment to the 2022 Equity Incentive Plan and the adjournment of the 2023 Special Meeting to permit further solicitation and vote of proxies did not receive sufficient votes for approval.

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 effecting a reverse split to maintain compliance with the $1.00 minimum price bid requirement for continued listing on Nasdaq and announcing the reverse stock split ratio between a range of 1-to-2 to 1-to-20, and the anticipated effective date of the reverse stock split at a later time, prior to effecting a reverse stock split. 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 maintain compliance with the $1.00 minimum price bid requirement for continued listing on Nasdaq; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231229571798/en/

Investor Relations Contact:

Betsy Brod

Affinity Growth Advisors

Betsy.brod@affinitygrowth.com

(917) 923-8541



Media Contact:

Robert Cavosi

RooneyPartners

rcavosi@rooneypartners.com

(646) 638-9891

Source: Virpax Pharmaceuticals, Inc.

FAQ

What did Virpax Pharmaceuticals announce in the Special Meeting of Shareholders?

Virpax Pharmaceuticals announced the approval of a reverse stock split to maintain compliance with Nasdaq's minimum bid price requirement.

What is the ticker symbol for Virpax Pharmaceuticals?

The ticker symbol for Virpax Pharmaceuticals is VRPX.

What is the purpose of the reverse stock split approved by Virpax Pharmaceuticals?

The purpose of the reverse stock split is to maintain compliance with the $1.00 minimum price bid requirement for continued listing on Nasdaq.

When will the effective date of the reverse stock split be announced?

The effective date of the reverse stock split will be announced at a later time if the minimum bid price requirement has not been met during the compliance period ending April 8, 2024.