Virios Therapeutics Announces Pricing of $1.7 Million Public Offering of Common Stock to Commence Preparations for Planned IMC-2 Long-COVID Phase 2b Study
Summary
ATLANTA, May 19, 2024 (GLOBE NEWSWIRE) -- Virios Therapeutics, Inc. (Nasdaq: VIRI) (the Company or Virios Therapeutics), a development-stage biotechnology company focused on advancing novel antiviral therapies to treat debilitating chronic diseases, including fibromyalgia (FM) and Long-COVID (LC), today announced the pricing of its previously announced public offering of 8,500,000 shares of its common stock at a public offering price of $0.20 per share. Virios Therapeutics intends to use the net proceeds of the proposed offering to commence preparatory activities for its planned IMC-2 Long-COVID Phase 2b study and for general corporate purposes.Maxim Group LLC is acting as sole placement agent, on a reasonable best-efforts basis, for the proposed offering.The public offering is being made pursuant to an effective shelf registration statement on Form S-3, (File No. Our lead development candidates are novel, proprietary, fixed dose combinations of an antiviral compound and celecoxib designed to synergistically suppress herpesvirus replication, with the end goal of reducing virally promoted disease symptoms. IMC-1 (fixed dosage combination of famciclovir and celecoxib) has been granted fast track designation by the FDA.For more information, please visit www.virios.com.Statements in this press release contain forward-looking statements, within the meaning of the U.S. Forward-looking statements contained in this announcement are made as of this date, and Virios Therapeutics, Inc. undertakes no duty to update such information except as required under applicable law.