Virpax Pharmaceuticals Announces Leadership Transition
November 17 2023 - 7:00AM
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, today announced that due to ongoing litigation
it has accepted the resignation of Anthony P. Mack as CEO and
Chairman effective immediately. The Board has appointed Gerald
Bruce as CEO and Dr. Eric Floyd as Chairman.
Mr. Bruce has served as the Company’s Executive Vice President
of Commercial Operations since August 2017, as a member of the
Company’s Board since July 2021 and as the President and CEO of the
Company’s wholly owned subsidiary, Novvae Pharmaceuticals, Inc.
since July 26, 2023. Prior to Virpax, Mr. Bruce served as Vice
President of sales for Danone Specialized Nutrition North America,
Danone’s medical nutrition division. Prior to this position, he has
held roles of increasing responsibility at Nitromed, Inc. and
Bristol-Meyers Squibb. Mr. Bruce began his career at Johnson and
Johnson and moved up the ranks to become a Group Marketing Director
in Analgesics. He has a BA from Lincoln University and a Master’s
degree in Leadership from Georgetown University’s McDonough School
of Business.
Dr. Floyd is Senior Vice President of Regulatory Affairs and
Quality Assurance at Silence Therapeutics. He has over 25 years of
pharmaceutical and biotechnology experience in Regulatory Affairs
roles of increasing responsibility at Merck, Aventis, Novartis,
Lundbeck, Axovant Sciences, and Neurogene, Inc. Most recently, he
served as founder and Chief Regulatory Officer at Neurogene, Inc.
Neurogene is focused on developing life-changing genetic medicines
for patients and their families affected by rare, devastating
neurological diseases. Dr. Floyd previously served as the Global
Head of Regulatory Affairs at Axovant Sciences and the U.S. Head of
Regulatory Affairs at Lundbeck, where he was responsible for
strategic regulatory and clinical development activities related to
the company’s approvals of Sabril, Onfi, Northera (orphan
approvals) as well as Anti-Depression and Schizophrenia drug
approvals. Dr. Floyd serves as an adjunct faculty member in the
Department of Neuroscience at Harvard Medical School and Wake
Forest University School of Medicine. Aside from Virpax
Pharmaceuticals, he also serves on the board of Advent Therapeutics
Inc. and is a member of the Board of Trustees of Meharry Medical
College. Dr. Floyd completed his undergraduate degree in Biology
from the University of Illinois, a Master’s degree in Neuroscience
from Tennessee State University, a Doctorate in Neurophysiology
from Meharry Medical College, an Executive MBA in Pharmaceutical
Marketing from Saint Josephs’ University and completed the Global
Executive MBA in International Business from the INSEAD Business
School in Fontainebleau, France.
“It has been an honor to lead a team of such dedicated and
talented colleagues. I am proud of what we have accomplished
together and confident that Virpax under Gerald and Eric’s
leadership will remain on track to begin first-in-human trials in
the coming year,” commented Mr. Mack.
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 the
Company remaining on track to begin first-in-human trials in the
coming year. These statements relate to future events or the
Company’s financial performance and involve known and unknown
risks, uncertainties, and other factors, including the contribution
of Mr. Bruce and Dr, Floyd to the Company and 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 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
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/20231117868167/en/
Investor Relations: Betsy
Brod Affinity Growth Advisors Betsy.brod@affinitygrowth.com (917)
923-8541
Media: Robert Cavosi
RooneyPartners rcavosi@rooneypartners.com (646) 638-9891
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