Virpax® Pharmaceuticals Announces Pricing of $40 Million Public Offering of Common Stock
Virpax Pharmaceuticals (NASDAQ:VRPX) has announced the pricing of an underwritten public offering of 6,670,000 shares at $6.00 per share, totaling approximately $40 million before expenses. The company has also granted underwriters a 45-day option for an additional 1,000,500 shares. Proceeds will fund research and development for their pain management products, including Epoladerm and Probudur, and cover expenses related to the offering. ThinkEquity is the sole book-running manager for this offering.
- Gross proceeds of approximately $40 million to fund R&D for key pain management products.
- Investment into innovative non-opioid and non-addictive pharmaceutical solutions.
- Potential shareholder dilution due to the public offering.
- Use of proceeds includes repayment of promissory notes to the CEO, which may raise governance concerns.
The Company intends to use the net proceeds from the offering to fund research and development of the Epoladerm, Probudur, Envelta and AnQlar indications and other development programs, pay fees and expenses associated with the offering, repay outstanding promissory notes issued to the Company’s Chief Executive Officer and pay deferred compensation due to the Company’s Chief Executive Officer, and for working capital and other general corporate purposes.
A registration statement on Form S-1 (File No. 333-259421) was filed with the
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About
Virpax is a preclinical stage biopharmaceutical company focused on becoming a global leader in pain management by developing and delivering innovative non-opioid and non-addictive pharmaceutical products using new drug delivery systems and technology. Virpax is developing branded pharmaceutical product candidates for pain management by using advanced technology in an effort to enhance patients’ quality of life. For more information, please visit www.virpaxpharma.com.
Forward Looking Statements
This press release contains certain forward-looking statements, including those relating to the regarding the anticipated timing of completion of the offering and other statements that are predictive in nature. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. 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. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the
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Chief Financial Officer
cchipman@virpaxpharma.com
610-727-4597
Or
betsy.brod@affinitygrowth.com
212-661-2231
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