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Shares of Virpax Pharmaceuticals Inc (NASDAQ:VRPX) are trading higher on Monday on a strong session volume of 22.8 million, as per data from Benzinga Pro.
The company is focused on developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders, and anti-viral barrier indications.
The company closed a $2.5 million secured loan financing from an institutional investor, which enabled the final payment of its litigation settlement.
As part of this financing, the company’s board of directors has been reorganized and reduced to seven members from eight.
The institutional investor has selected and appointed four new board members, and five board members have resigned.
“This loan by the institutional investor, combined with an agreement to negotiate additional funding, will allow us to continue fulfilling our mission to develop non-addictive pain drugs as well as other CNS product candidates with high unmet medical need,” stated Gerald Bruce, CEO of Virpax Pharmaceuticals.
Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms.
As announced earlier, Virpax Pharmaceuticals priced the public offering of 1.67 million, Series A-1 common warrants to purchase up to 1.7 million shares, and Series A-2 common warrants to purchase up to 1.7 million at a combined price of $1.35/share.
The Series A-1 warrants will have an exercise price of $1.35 per share, will be exercisable immediately, and expire five years from the initial issuance date. The Series A-2 warrants will have an exercise price of $1.35 per share, will be exercisable immediately, and expire eighteen months from the initial issuance date.
Price Action: VRPX shares are up 95.2% at $1.13 at last check Monday.
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Posted In: VRPX
