VRPX Virpax Pharmaceuticals Inc.

3.84
-0.06  -2%
Previous Close 3.9
Open 3.89
52 Week Low 3.79
52 Week High 8.24
Market Cap $19,046,988
Shares 4,960,153
Float 2,043,485
Enterprise Value $8,003,607
Volume 495,334
Av. Daily Volume 252,093
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Latest News

  1. Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), today announced that the Investigational New Drug (IND) Application enabling studies for Envelta™ being performed under a Cooperative Research and Development Agreement (CRADA) entered into by Virpax and the National Center for Advancing Translational Sciences (NCATS) for chronic pain, will also be used as a source for INDs for two additional indications, for cancer pain and Post-Traumatic Stress Disorder (PTSD). NCATS has commenced the IND enabling studies of Envelta to support Virpax's future application for clearance from the Food and Drug Administration (FDA) to initiate Virpax's first-in-human clinical trials.

    Sheila Mathias, PhD, JD, Chief Scientific Officer of…

    Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), today announced that the Investigational New Drug (IND) Application enabling studies for Envelta™ being performed under a Cooperative Research and Development Agreement (CRADA) entered into by Virpax and the National Center for Advancing Translational Sciences (NCATS) for chronic pain, will also be used as a source for INDs for two additional indications, for cancer pain and Post-Traumatic Stress Disorder (PTSD). NCATS has commenced the IND enabling studies of Envelta to support Virpax's future application for clearance from the Food and Drug Administration (FDA) to initiate Virpax's first-in-human clinical trials.

    Sheila Mathias, PhD, JD, Chief Scientific Officer of Virpax stated, "Once the Envelta IND enabling studies are submitted to the FDA for acute/chronic pain, the parent IND is expected to be used to cross reference for the PTSD IND. We believe the same Phase I Single Ascending Dose (SAD)/Multiple Ascending Dose (MAD) study could be used to advance all three indications. SAD and MAD studies are typically the first-in-human studies, where we seek to gain information on safety and tolerability, general pharmacokinetic (PK), and pharmacodynamic (PD) characteristics, and identify the maximum tolerated dose."

    About Envelta

    Envelta™ is an investigational intranasal formulation intended to improve enkephalin transport to the brain. Enkephalin is a naturally occurring (endogenous) peptide that is not easily administered in its original form. Envelta™ uses a preassembled device and cartridge to propel the enkephalin formulation through the nose to the brain by flowing along the olfactory nerve pathway. The Molecular Envelope Technology is designed to protect the drug and help carry it to the brain, enabling it to cross the blood-brain barrier to suppress pain by binding to the delta-opioid receptors. Envelta™ has demonstrated analgesic potential in animal models without developing opioid tolerance, withdrawal, respiratory depression, euphoria, or addiction associated with the use of opioids. Once the Envelta IND enabling studies are submitted to the FDA, the data may be cross-referenced to our cancer pain and PTSD INDs.

    About Virpax Pharmaceuticals

    Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax will initially seek FDA approval using its three patented drug delivery platforms. Epoladerm™ is a topical diclofenac metered-dose spray film formulation being developed to manage acute musculoskeletal pain and osteoarthritis. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain. Envelta™ is an intranasal molecular-envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer, and PTSD. Virpax is also using its intranasal Molecular Envelope Technology (MET) to develop its PES200 product candidate to manage post-traumatic stress disorder (PTSD) and its MMS019 product candidate to inhibit viral replication caused by influenza or SARS-CoV-2. For more information, please visit www.virpaxpharma.com.

    Forward-Looking Statement

    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. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on the Company's operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the 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.

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  2. LONDON, UK / ACCESSWIRE / May 24, 2021 / Nanomerics Ltd., a world leader in molecular engineered delivery technologies, today announced the Company had been granted patent protection in multiple territories for the use of its Molecular Envelope Technology (MET) for ocular applications.

    These patents have been granted by the European Patent Office (EP3215119 ), the United States Patent and Trademark Office (US10987304) and the Japan Patent Office (JP6832276). Nanomerics Ltd. also today announced the publication of two key papers on the topical ocular use of its penetration-enhancing Molecular Envelope Technology (Pharmaceutics 2021, 13(5), 744; and Int J Pharm 2021, 599, 120364).

    Nanomerics' Molecular Envelope Technology is a non-irritant topical…

    LONDON, UK / ACCESSWIRE / May 24, 2021 / Nanomerics Ltd., a world leader in molecular engineered delivery technologies, today announced the Company had been granted patent protection in multiple territories for the use of its Molecular Envelope Technology (MET) for ocular applications.

    These patents have been granted by the European Patent Office (EP3215119 ), the United States Patent and Trademark Office (US10987304) and the Japan Patent Office (JP6832276). Nanomerics Ltd. also today announced the publication of two key papers on the topical ocular use of its penetration-enhancing Molecular Envelope Technology (Pharmaceutics 2021, 13(5), 744; and Int J Pharm 2021, 599, 120364).

    Nanomerics' Molecular Envelope Technology is a non-irritant topical ocular penetration enhancer for the delivery of poorly water-soluble drugs. The technology enables the absorption of 5 - 18 fold more drug into the ocular tissues, on topical administration, when compared to leading commercial formulations. Nanomerics' Molecular Envelope Technology formulations do not lead to plasma exposure and thus efficiently target drug to the ocular tissues. Nanomerics is using its Molecular Envelope Technology to create formulations that address areas of unmet medical need, with clinical trials scheduled to start in 2021. Increased drug deposition will enable lower doses to be used and could lead to improved response rates. Nanomerics' Chief Scientific Officer, Professor Ijeoma F. Uchegbu, says, "we are delighted with the granting of these patents in key commercial territories and look forward to replicating the penetration enhancement seen in our preclinical publications in humans."

    About Nanomerics

    Nanomerics Ltd is a speciality pharmaceutical company based in London, UK. Nanomerics was spun out of University College London, a top 10 global university and was founded to commercialise its biocompatible polymer technologies for drug delivery and other applications. Nanomerics' proprietary technology is based on world leading know-how and scientific leadership in polymer nanotechnology. Nanomerics creates uniquely differentiated, patented pharmaceutical assets, underpinned by high quality science. For example, the company's Molecular Envelope (MET) is a unique patented biocompatible polymer that delivers a step change in target tissue bioavailability. The founding scientists Professor Ijeoma F. Uchegbu and Professor Andreas G. Schätzlein developed the technology at the Universities of Strathclyde and Glasgow and, latterly at the UCL School of Pharmacy. Pharmaceutical product candidates in development include NM134 for the treatment of allergic conjunctivitis and NM137 for the treatment of non-infectious posterior uveitis. Additionally a number of pharmaceutical product candidates have already been out-licensed by Nanomerics to Virpax Pharmaceuticals (NASDAQ:VRPX), e.g. Envelta™, being developed as a pain therapeutic and MMS019, being developed as an anti-viral nasal spray. For more information please visit www.nanomerics.com

    Forward-Looking Statements

    This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Nanomerics cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. Forward-looking statements reflect our analysis only on their stated date, and Nanomerics takes no obligation to update or revise these statements except as may be required by law.

    For more information, please visit www.nanomerics.com or contact Nanomerics investor relations at .

    SOURCE: Nanomerics Ltd.



    View source version on accesswire.com:
    https://www.accesswire.com/648520/Nanomerics-announces-patents-granted-in-the-US-Europe-and-Japan-and-two-key-publications-on-the-ocular-use-of-its-Molecular-Envelope-Technology

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  3. --Company Successfully Completes Initial Public Offering--

    -Initiates Investigational New Drug ("IND") Enabling Studies for Lead Product Candidates-

    Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), today announced its financial results for the quarter ended March 31, 2021, and other recent developments.

    "We successfully completed our initial public offering (IPO) of 1,800,000 shares of our common stock in mid-February and immediately began our IND enabling studies for Epoladerm™ and Envelta™, so that we can meet with the FDA and initiate first-in-human trials. Additionally, we recently reported positive results from a pre-clinical animal study designed to evaluate nerve damage from locally injected Probudur™ as well…

    --Company Successfully Completes Initial Public Offering--

    -Initiates Investigational New Drug ("IND") Enabling Studies for Lead Product Candidates-

    Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), today announced its financial results for the quarter ended March 31, 2021, and other recent developments.

    "We successfully completed our initial public offering (IPO) of 1,800,000 shares of our common stock in mid-February and immediately began our IND enabling studies for Epoladerm™ and Envelta™, so that we can meet with the FDA and initiate first-in-human trials. Additionally, we recently reported positive results from a pre-clinical animal study designed to evaluate nerve damage from locally injected Probudur™ as well as positive results from a pre-clinical animal study for MMS019, our antiviral product candidate for respiratory viruses, that demonstrated inhibition of viral replication as well as decreased levels of the virus in animal brain tissue. We believe that we have a unique pipeline of non-opioid, non-addictive pain product candidates that utilize cutting edge drug delivery technology and are anxious to enter the clinic," stated Anthony Mack, Chairman and CEO of Virpax.

    "We expect that two of our product candidates will be developed utilizing an accelerated 505(b)(2) regulatory pathway. These two programs, Epoladerm™ and Probudur™, are anticipated to be funded from funds raised through our recent IPO. Our Envelta™ product candidate is a new chemical entity (NCE) and as such, will require a more extensive regulatory pathway and is funded in part through an in-kind grant which we received in August of 2020.

    "To help us develop and implement our regulatory strategy, we recently hired Sheila Mathias, Ph.D., JD, MBA, to serve as our Chief Scientific Officer. Dr. Mathias has over 20 years of regulatory experience in pharmaceuticals and engagement with the U.S. Food and Drug Administration (FDA). She will be responsible for overseeing our new drug application (NDA) filings through approval with the FDA, as well as our non-dilutive grant initiatives," concluded Mr. Mack.

    "We are conservatively deploying our cash and examining alternative non-dilutive grant funding to help support our development efforts. We continue to apply for a number of additional grants to sustain our pipeline as well as have engaged Torreya Partners to help us with potential partnerships and licensing agreements in key global markets," added Christopher M. Chipman, CFO of Virpax.

    RECENT DEVELOPMENTS

    • On February 19, 2021, Virpax closed its IPO of 1,800,000 shares of its common stock at a public offering price of $10.00 per share, for gross proceeds of $18.0 million, before deducting underwriting discounts and offering expenses.
    • Subsequent to the closing of the IPO, Virpax initiated IND enabling studies for two of its lead candidates, Envelta™ and Epoladerm™ to support Virpax's future application for clearance from the FDA to initiate first-in-human clinical trials.



      The development of Envelta™ continues to be funded by grants from the National Center for Advancing Translational Sciences (NCATS), part of the National Institutes of Health (NIH).



      The development of Epoladerm™ and Probudur™, both of which are pursuing a 505(b)(2) abbreviated regulatory pathway, will be funded by Virpax.
    • On March 2, 2021, Virpax announced the expansion of its patent portfolio with a newly issued composition of matter patent for Probudur™.
    • On April 22, 2021, Virpax announced that it has engaged Torreya Capital to advise on partnering and licensing in strategic global markets outside of the U.S.

    SCIENTIFIC ACHIEVEMENTS

    • On April 5, 2021, Virpax released results of a sciatic nerve preclinical study in rabbits designed to evaluate nerve damage from locally injected Probudur™, Virpax's liposomal bupivacaine product candidate. Results demonstrated that Probudur™ produced no evidence of motor or sensory nerve damage at a dose that was 10 times higher than free bupivacaine, and that there were no signs of nerve damage.
    • On April 19, 2021, Virpax announced the results of an animal study model for MMS019, its antiviral product candidate for respiratory viruses. The animal study demonstrated inhibition of viral replication as well as decreased levels of the virus in animal brain tissue. As a result of the study, Virpax has engaged Syneos Health to assist with the development of a regulatory pathway in addition to the performance of drug development trials required to file an NDA for FDA approval.

    FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

    Operating Expenses

    General and administrative expenses were approximately $1.3 million for the first quarter of 2021, an increase of about $0.8 million from the prior year quarter. The increase was due to legal expenses, share-based compensation expense, insurance expense, exchange listing fees and accounting consulting fees, partially offset by lower travel related and investor relations expenses.

    Research and development expenses were approximately $1.1 million in the quarter compared to approximately $0.2 million in last year's first quarter. The increase in research and development expenses was primarily attributable to a milestone payment related to MMS019 and to an increase in preclinical activities mainly associated with Probudur. These increases were slightly offset by a decline in preclinical activities for Envelta in the current period.

    The operating loss for the first quarter of 2021 was approximately $2.3 million, as compared to $0.6 million for the same period a year ago.

    Cash Flows

    Operating Activities

    Cash used in operations was $3,080,238 for the three months ended March 31, 2021, compared to $222,396 for the three months ended March 31, 2020. The increase in cash used in operations was primarily the result of the increase in net loss, an increase in prepaid insurance, and an increase in payments of accounts payable and accrued expenses.

    Financing Activities

    Cash provided by financing activities was $15,289,727 during the three months ended March 31, 2021, attributable primarily to net proceeds received from our initial public offering in February 2021 of $15,783,207, after deducting underwriting discounts and offering expenses. This was slightly offset by repayment in full of certain promissory notes in the amount of $493,480 in February 2021. Cash provided by financing activities was $425,000 during the three months ended March 31, 2020, attributable to $425,000 from the sale of 42,977 shares of our common stock.

    At March 31, 2021, the Company had cash and cash equivalents of approximately $12.3 million.

    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 using its three patented drug delivery platforms. Epoladerm™ is a topical diclofenac metered-dose spray film formulation being developed to manage acute musculoskeletal pain and osteoarthritis. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain. 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 its PES200 product candidate to manage post-traumatic stress disorder (PTSD) and its MMS019 product candidate to inhibit viral replication caused by influenza or SARS-CoV-2. For more information, please visit www.virpaxpharma.com.

    Forward-Looking Statement

    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. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on the Company's operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the 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.

    TABLES FOLLOW

    VIRPAX PHARMACEUTICALS, INC.

    CONDENSED BALANCE SHEETS

     

    March 31,

    2021

     

    December 31,

    2020*

     

     

    (Unaudited)

     

     

     

     

     

    ASSETS

     

     

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

     

     

    Cash

     

    $

    12,264,285

     

     

    $

    54,796

     

    Prepaid expenses and other current assets

     

     

    955,057

     

     

     

    18,273

     

    Total current assets

     

     

    13,219,342

     

     

     

    73,069

     

    Deferred financing costs

     

     

     

     

     

    392,337

     

    Total assets

     

    $

    13,219,342

     

     

    $

    465,406

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' DEFICIT

     

     

     

     

     

     

     

     

    Accounts payable and accrued expenses

     

    $

    2,589,520

     

     

    $

    3,115,924

     

    Notes payable

     

     

    50,510

     

     

     

    543,990

     

    Total current liabilities

     

     

    2,640,030

     

     

     

    3,659,914

     

    Notes payable, net of current portion

     

     

    21,590

     

     

     

    21,590

     

    Related party notes payable

     

     

    1,000,000

     

     

     

    1,000,000

     

    Total long-term liabilities

     

     

    1,021,590

     

     

     

    1,021,590

     

    Total liabilities

     

     

    3,661,620

     

     

     

    4,681,504

     

     

     

     

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stockholders' equity (deficit)

     

     

     

     

     

     

     

     

    Preferred stock, par value $0.00001, 10,000,000 shares authorized, no shares issued and outstanding

     

     

     

     

     

     

    Common stock, $0.00001 par value; 100,000,000 shares authorized, 4,945,153 shares issued and outstanding as of March 31, 2021; 3,145,153 shares issued and outstanding as of December 31, 2020

     

     

    49

     

     

     

    31

     

    Additional paid-in capital

     

     

    22,584,788

     

     

     

    6,431,715

     

    Accumulated deficit

     

     

    (13,027,115

    )

     

     

    (10,647,844

    )

    Total stockholders' equity (deficit)

     

     

    9,557,722

     

     

    (4,216,098

    )

    Total liabilities and stockholders' equity (deficit)

     

    $

    13,219,342

     

     

    $

    465,406

     

    * Derived from audited financial statements

     

     

     

     

     

     

     

     

    VIRPAX PHARMACEUTICALS, INC.

    CONDENSED STATEMENTS OF OPERATIONS

    (UNAUDITED)

     

    For the Three Months

    Ended

    March 31, 2021

     

    For the Three Months

    Ended

    March 31, 2020

    OPERATING EXPENSES

     

     

     

     

     

     

     

     

    General and administrative

     

    $

    1,273,572

     

     

    $

    448,985

     

    Research and development

     

     

    1,075,000

     

     

     

    166,880

     

    Total operating expenses

     

     

    2,348,572

     

     

     

    615,865

     

    Loss from operations

     

     

    (2,348,572

    )

     

     

    (615,865

    )

     

     

     

     

     

     

     

     

     

    OTHER (EXPENSE) INCOME

     

     

     

     

     

     

     

     

    Interest expense

     

     

    (30,699

    )

     

     

    (40,630

    )

    Loss before tax provision

     

     

    (2,379,271

    )

     

     

    (656,495

    )

    Benefit from income taxes

     

     

     

     

     

     

    Net loss

     

    $

    (2,379,271

    )

     

    $

    (656,495

    )

     

     

     

     

     

     

     

     

     

    Basic and diluted net loss per share

     

    $

    (0.60

    )

     

    $

    (0.22

    )

    Basic and diluted weighted average common stock outstanding

     

     

    3,945,153

     

     

     

    3,044,658

     

    VIRPAX PHARMACEUTICALS, INC.

    CONDENSED STATEMENTS OF CASH FLOWS

    (UNAUDITED)

     

    For the Three Months

    Ended

    March 31, 2021

     

    For the Three Months

    Ended

    March 31, 2020

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

     

     

     

     

     

    Net loss

     

    $

    (2,379,271

    )

     

    $

    (656,495

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

     

     

     

     

     

    Non-cash interest expense

     

     

    30,699

     

     

     

    32,300

     

    Stock-based compensation

     

     

    369,884

     

     

     

    130,990

     

    Common stock issued in payment of consulting services and settlement of accounts payable

     

     

    -

     

     

     

    1,781

     

    Change in operating assets and liabilities:

     

     

     

     

     

     

     

     

    Prepaid expenses and other current assets

     

     

    (936,784)

     

     

     

    (5,998)

    Accounts payable and accrued expenses

     

     

    (164,766)

     

     

     

    275,026

     

    Net cash used in operating activities

     

     

    (3,080,238

    )

     

     

    (222,396

    )

     

     

     

     

     

     

     

     

     

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

     

     

     

     

     

    Repayment of notes payable

     

     

    (493,480)

     

     

     

    -

     

    Proceeds from related party notes payable

     

     

    100,000

     

     

     

    -

     

    Repayment of related party notes payable

     

     

    (100,000)

     

     

     

     

     

    Proceeds from the issuance of stock

     

     

    -

     

     

     

    425,000

     

    Offering costs related to initial public offering

     

     

    (2,216,793)

     

     

     

    -

     

    Proceeds from initial public offering of common stock

     

     

    18,000,000

     

     

     

    -

     

    Net cash provided by financing activities

     

     

    15,289,727

     

     

     

    425,000

     

    Net change in cash

     

     

    12,209,489

     

     

    202,604

    Cash, beginning of period

     

     

    54,796

     

     

     

    41,536

     

    Cash, end of period

     

    $

    12,264,285

     

     

    $

    244,140

     

     

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash and non-cash financing activities

     

     

     

     

     

     

     

     

    Cash paid for interest

     

    $

    34,707

     

     

    $

     

    Cash paid for taxes

     

    $

     

     

    $

     

    Debt issued in payment of consulting services and settlement of accounts payable

     

    $

     

     

    $

    110,520

     

     

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  4. Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), today announced that the Company has engaged Torreya Capital, LLC (Torreya) to serve as the exclusive financial advisor for the Company's partnering and licensing efforts in strategic global markets.

    Torreya is a global investment bank that has facilitated more than $100 billion worth of transactions in the life sciences industry since its inception in 2007.

    "We are excited to be working with Torreya to expand our partnerships in key markets," stated Anthony Mack, Chairman and CEO of Virpax Pharmaceuticals. "There is a growing global demand for non-opoid, non-addictive pain treatments and we believe that our product candidates, Epoladerm™, Probudur™, and Envelta™ can…

    Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), today announced that the Company has engaged Torreya Capital, LLC (Torreya) to serve as the exclusive financial advisor for the Company's partnering and licensing efforts in strategic global markets.

    Torreya is a global investment bank that has facilitated more than $100 billion worth of transactions in the life sciences industry since its inception in 2007.

    "We are excited to be working with Torreya to expand our partnerships in key markets," stated Anthony Mack, Chairman and CEO of Virpax Pharmaceuticals. "There is a growing global demand for non-opoid, non-addictive pain treatments and we believe that our product candidates, Epoladerm™, Probudur™, and Envelta™ can offer a competitive advantage in their addressable markets," concluded Mr. Mack.

    "We look forward to helping Virpax Pharmaceuticals find strong regional partners for their innovative acute and chronic pain product candidate pipeline," said Tom Bird, Partner of Torreya. "Virpax's product candidates incorporate its proprietary technologies that may enable the product candidates to deliver enhanced benefits with non-addictive pain relief."

    About Torreya

    Torreya is a global investment banking boutique serving companies in the life sciences industry. Since its inception in 2007, the firm has closed over $100 billion worth of deals in nearly 250 assignments spanning branded pharmaceutical, biotechnology, generic pharmaceutical, and life sciences companies. Our partners are senior industry bankers and executives with deep experience, knowledge, and networks. We are a partner of choice for companies seeking discreet, conflict-free, and knowledgeable advice on M&A, capital markets, licensing, and asset sale transactions. Torreya is differentiated from most other life sciences advisory practices by the breadth of its global presence. Over half the transactions on which we advise are cross-border. For further information, please visit www.torreya.com.

    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 using its three patented drug delivery platforms. Epoladerm™ is a topical diclofenac metered-dose spray film formulation being developed to manage acute musculoskeletal pain and osteoarthritis. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain. 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 its PES200 product candidate to manage post-traumatic stress disorder (PTSD) and its MMS019 product candidate to inhibit viral replication caused by influenza or SARS-CoV-2. For more information, please visit www.virpaxpharma.com.

    Forward-Looking Statement

    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. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on the Company's operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the 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.

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  5. --Marked Inhibition of Viral Replication Demonstrated—

    Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), a company specializing in developing pharmaceutical product candidates for pain management, today announced the results of an animal study model for MMS019, its anti-viral product candidate for respiratory viruses. MMS019 is high-density molecular masking spray the Company is developing as an anti-viral barrier. The Company intends for this formulation to be delivered using a preassembled device and cartridge to propel the High-Density Molecular Spray formulation into the nose.

    Professor Krzysztof Pyrc, a virology specialist [and head of the Virology Laboratory at the Małopolska Biotechnology Center of the Jagiellonian…

    --Marked Inhibition of Viral Replication Demonstrated—

    Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ:VRPX), a company specializing in developing pharmaceutical product candidates for pain management, today announced the results of an animal study model for MMS019, its anti-viral product candidate for respiratory viruses. MMS019 is high-density molecular masking spray the Company is developing as an anti-viral barrier. The Company intends for this formulation to be delivered using a preassembled device and cartridge to propel the High-Density Molecular Spray formulation into the nose.

    Professor Krzysztof Pyrc, a virology specialist [and head of the Virology Laboratory at the Małopolska Biotechnology Center of the Jagiellonian] at the University in Krakow, Poland, who led the study, stated, "While the initial viral load given to the animals was much higher than what is encountered by humans, we demonstrated an inhibition of viral replication in the nasal passages. This is very exciting as it supports further research on our hypothesis that MMS019 may not only protect users that apply the mask, but also may limit transmission of the virus to others."

    Dr. Jeff Gudin, Chief Medical Officer and co-founder of Virpax added, "In addition to inhibition of viral replication, the study also demonstrated decreased levels of the virus in animal brain tissue, an important observation as recent studies have shown neurological conditions with survivors of severe Covid. We are encouraged by these results and have engaged Syneos Health to assist with our regulatory pathway and drug development trials required to file an NDA for FDA approval."

    The animal study model included transgenic mice expressing the human ACE2 protein under the human cytokeratin 18 promoter (a type of protein found on epithelial cells, inside and outside of the body). Each experimental group consisted of 10 animals with 14 animals in the control group. MMS019 was administered once daily intranasally in the treatment group, and the control group received remdesivir intramuscularly.

    Initially, the animals were infected intranasally with the SARS-CoV-2 virus. The virus was amplified and titrated in commonly used cell cultures [Vero cells]. Mice received MMS019 or remdesivir every 24 hours from Day 1 until Day 6 post-infection.

    On day 6 post-infection, the animals were euthanized, and selected tissues were collected for analysis; viral RNA was isolated, and the viral infection was quantified by means of the RT-qPCR system that detects genetic material of the virus using a lab technique called polymerase chain reaction (PCR). The initial viral titer was comparatively higher than would be contained in an infected human droplet. However, after treatment with MMS019, there was a marked inhibition of viral replication in the mouse nasal passages, and decreased levels of the virus were also recorded for the brain tissue, indicating the limited systemic infection. No adverse effects were observed during the experiment.

    About Malopolska Centre of Biotechnology

    MCB is an International research institute within the Jagiellonian University in Krakow. MCB's research focuses on major disciplines, including virology, structural biology, and genomics. The virology research is centred on basic research in the field of coronaviruses and flaviviruses. MCB also aims at translating key findings into real world solutions (http://virogenetics.info/). The Jagiellonian University is one of the oldest universities in Europe, founded in 1364 and also one of the most prestigious universities in Poland. It is the only East-Central European academic institution in Reuter's Top 100: Europe's Most Innovative Universities ranking and a leading Polish applicant to the European Patent Office.

    About Virpax Pharmaceuticals

    Virpax is developing branded, non-addictive pain management product candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval using its three patented drug delivery platforms. Epoladerm™ is a topical diclofenac metered-dose spray film formulation being developed to manage acute musculoskeletal pain and osteoarthritis. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage postoperative pain. 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 its PES200 product candidate to manage post-traumatic stress disorder (PTSD) and its MMS019 product candidate to inhibit viral replication caused by influenza or SARS-CoV-2. For more information, please visit www.virpaxpharma.com.

    Forward-Looking Statement

    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 preclinical and 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. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the COVID-19 pandemic and the potential impact of sustained social distancing efforts, on the Company's operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the 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.

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