Virpax Pharmaceuticals Announces Notification from Nasdaq Related to Delayed Form 10-Q Filing
November 17 2023 - 7:10AM
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 that it received a notice (the “Notice”)
from the Listing Qualifications Staff of the Nasdaq Stock Market
(“Nasdaq”) on November 16, 2023 stating that the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the
Company’s failure to timely file its Quarterly Report on Form 10-Q
for the fiscal quarter ended, September 30, 2023 (the “Quarterly
Report”) with the Securities and Exchange Commission.
On November 15, 2023, Virpax filed a Notification of Late Filing
on Form 12b-25 indicating that the filing of the Quarterly Report
would be delayed because the Company requires additional
information necessary to complete the Quarterly Report. Virpax
continues to evaluate the Chancery Court of the State of Delaware’s
decision delivered on September 1, 2023, regarding litigation filed
by Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc.
against Anthony P. Mack and the Registrant.
The Company is working diligently to finalize and file the
Quarterly Report.
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 working
diligently to finalize and file the Quarterly Report as soon as
possible . 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 finalize and file the Quarterly Report as planned; 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/20231117425697/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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