BERWYN, PA — Virpax® Pharmaceuticals, Inc. (NASDAQ: VRPX) recently announced its financial results for the second quarter ending June 30, 2024, alongside notable advancements in its product pipeline and strategic initiatives.
Product Development Progress
Virpax Pharmaceuticals has made significant strides in advancing its product candidates. The company reported positive results from a pharmacokinetics and safety study in a Swine Model pilot study for its lead asset, Probudur™, a long-acting liposomal bupivacaine formulation for immediate and extended pain relief. This follows promising results from a Maximum Tolerated Dose study in Sprague-Dawley Rats announced in late April.
“Last month we reported positive results from a pharmacokinetics and safety study in a Swine Model pilot study for Probudur™, our long-acting liposomal bupivacaine formulation for immediate and extended pain relief. This followed encouraging results from our Maximum Tolerated Dose study in Sprague-Dawley Rats that we announced at the end of April,” stated Gerald W. Bruce, CEO of Virpax Pharmaceuticals. “We expect to announce additional results from our remaining studies in anticipation of our first-in-human trials.”
Financial and Strategic Moves
During July 2024, Virpax secured $2.8 million from the issuance of approximately two million shares of common stock through the exercise of warrants received in the May 15th public offering. This financial boost allowed the company to pay off the remaining balance of its litigation settlement, effectively removing the overhang on its stock.
“Additionally, we were able to secure financing and pay off the remaining balance of our litigation settlement, removing the overhang on our stock and finally putting this issue firmly behind us. We also regained compliance with the minimum bid price requirement for continued listing on Nasdaq,” concluded Mr. Bruce.
On July 24, Virpax received formal notice from The Nasdaq Stock Market indicating that the company had regained compliance with the minimum bid price requirement for continued listing. This positive development follows the company’s strategic financial maneuvers, including a $2.5 million secured loan financing from an institutional investor, which facilitated the final payment of its litigation settlement.
Recent Developments
Virpax has been actively engaged in discussions for licensing and other opportunities, bolstered by successful meetings at the BIO International Convention in San Diego. The company continues to identify and apply for additional grants to support its research and development efforts.
Financial Results
For the three months ended June 30, 2024, Virpax reported a general and administrative expense of $1.5 million, down from $1.9 million for the same period in 2023. This decrease was primarily due to reduced severance expenses, stock options, and insurance costs.
Research and development expenses rose to $2.0 million, up from $1.3 million in the same quarter of the previous year. The increase is mainly attributed to preclinical activities for Probudur™, partially offset by reduced expenses for other preclinical activities.
Virpax reported an operating loss of $3.5 million for Q2 2024, compared to $3.1 million for Q2 2023. As of June 30, 2024, the company had approximately $1.9 million in cash.
Conclusion
Virpax Pharmaceuticals continues to advance its product pipeline while strategically managing its financial resources. The company’s recent achievements and ongoing efforts highlight its commitment to developing innovative solutions for pain management and other therapeutic areas.
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