Virpax Pharmaceuticals Announces Results of Special Shareholders Meeting
December 29 2023 - 7:30AM
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
barriers, today announced the results of the Special Meeting of
Shareholders held on December 28, 2023.
The Virpax stockholders approved an amendment to the certificate
of incorporation, at the discretion of the Board of Directors of
the Company, to effect a reverse stock split. The Company only
intends to effect the reverse split to maintain compliance with the
$1.00 minimum price bid requirement for continued listing on
Nasdaq. The Company will announce the reverse stock split ratio
between a range of 1-to-2 to 1-to-20, and the anticipated effective
date of the reverse stock split at a later time, if the minimum bid
price requirement has not been met during the compliance period
ending April 8, 2024.
The proposals regarding the amendment to the 2022 Equity
Incentive Plan and the adjournment of the 2023 Special Meeting to
permit further solicitation and vote of proxies did not receive
sufficient votes for approval.
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
two other product candidates. PES200 is a product candidate being
developed to manage post-traumatic stress disorder (PTSD) and
NobrXiol™ is a product candidate 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 all
three of its prescription drug candidates, two 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
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 and include statements regarding effecting
a reverse split to maintain compliance with the $1.00 minimum price
bid requirement for continued listing on Nasdaq and announcing the
reverse stock split ratio between a range of 1-to-2 to 1-to-20, and
the anticipated effective date of the reverse stock split at a
later time, prior to effecting a reverse stock split. These
statements relate to future events or the Company’s financial
performance and involve known and unknown risks, uncertainties, and
other factors, including the Company’s ability to maintain
compliance with the $1.00 minimum price bid requirement for
continued listing on Nasdaq; the Company’s ability to successfully
begin trials when expected and complete research and further
development and commercialization of Company drug candidates in
current or future indications; the impact of any damages or
remedies awarded in the additional proceedings of the lawsuit filed
in the Delaware Chancery Court against the Company; the
uncertainties inherent in clinical testing; 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 loss of any executive officers or key personnel or
consultants; competition; changes in the regulatory landscape or
the imposition of regulations that affect the Company's product
candidates; the Company’s ability to continue to obtain capital to
meet its long-term liquidity needs on acceptable terms, or at all,
including the additional capital which will be necessary to
complete clinical trials that the Company plans to initiate; and
other factors listed under "Risk Factors" in our annual report on
Form 10-K and quarterly reports on Form 10-Q that the Company files
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231229571798/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
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