Virpax Regains Compliance with Nasdaq Minimum Bid Price

Rhea-AI Summary

Virpax Pharmaceuticals (NASDAQ: VRPX), a company focused on developing non-addictive products for pain management, post-traumatic stress disorder, CNS disorders, and anti-viral barrier indications, has regained compliance with Nasdaq's minimum bid price requirement. The company received formal notice from Nasdaq's Listing Qualifications staff confirming this development. To meet the requirement, Virpax's common shares had to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, which was achieved on July 19, 2024. As a result, this listing matter has been resolved, ensuring Virpax's continued presence on the Nasdaq stock exchange.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Maintained a closing bid price of $1.00 or more for at least 10 consecutive business days
• Resolved listing issue, ensuring continued presence on Nasdaq

Negative

• None.

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 barrier indications, announced today that it has received formal notice from the Listing Qualifications staff of The Nasdaq Stock Market LLC indicating that Virpax has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).

To regain compliance with the Rule, the Company’s common shares were required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, which was achieved on July 19, 2024. As a result, this listing matter has been closed.

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 one other prescription product candidate, NobrXiol™, which is 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 two of its prescription drug candidates, one 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 as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including those described below. 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. These statements relate to future events and involve known and unknown risks, uncertainties, and other factors, including the Company’s ability to successfully complete research and further development and commercialization of Company drug candidates in current or future indications; the Company’s ability to obtain additional grants to help fund upcoming clinical trials; 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 Company’s ability to maintain its Nasdaq listing; the Company’s ability to obtain capital to meet its current and long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete studies and clinical trials that the Company plans to initiate and other factors listed under "Risk Factors" in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that the Company has filed 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/20240724073058/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

FAQ

What was the minimum bid price requirement Virpax Pharmaceuticals (VRPX) had to meet for Nasdaq compliance?

Virpax Pharmaceuticals (VRPX) had to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days to regain compliance with Nasdaq's minimum bid price requirement.

When did Virpax Pharmaceuticals (VRPX) achieve compliance with Nasdaq's minimum bid price requirement?

Virpax Pharmaceuticals (VRPX) achieved compliance with Nasdaq's minimum bid price requirement on July 19, 2024.

What are the main areas of focus for Virpax Pharmaceuticals (VRPX)?

Virpax Pharmaceuticals (VRPX) specializes in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders, and anti-viral barrier indications.

What was the outcome of Virpax Pharmaceuticals' (VRPX) compliance issue with Nasdaq?

Virpax Pharmaceuticals (VRPX) successfully regained compliance with Nasdaq's minimum bid price requirement, and as a result, the listing matter has been closed, ensuring the company's continued presence on the Nasdaq stock exchange.