Virios Therapeutics Closes $1.7M Stock Offering to Prepare for IMC-2 Long-COVID Phase 2b Study

Virios Therapeutics, Inc. (Nasdaq: VIRI), a biotechnology firm concentrating on innovative antiviral treatments for chronic diseases such as fibromyalgia (FM) and Long-COVID (LC), has successfully concluded a public offering of 8.5 million common stock shares. Priced at $0.20 per share, the offering generated $1.7 million in gross proceeds, prior to the deduction of placement agent fees and other expenses. The capital raised will primarily support preparatory activities for the planned Phase 2b study of IMC-2 for Long-COVID and general corporate needs.

Maxim Group LLC acted as the exclusive placement agent for this offering on a reasonable best-efforts basis. The offering was conducted under an active shelf registration statement on Form S-3 (File No. 333-263700), which was filed with the U.S. Securities and Exchange Commission (SEC) on March 18, 2022, and declared effective on April 28, 2022. The securities were offered solely through a prospectus, with the final prospectus supplement and accompanying prospectus filed with the SEC. These documents are accessible on the SEC's website.

Virios Therapeutics focuses on developing therapies that target diseases linked to abnormal immune responses triggered by viral infections. The company's research has suggested that the overactivation of tissue-resident herpesvirus may be a fundamental cause of chronic conditions such as FM, irritable bowel syndrome, LC, chronic fatigue syndrome, and other functional somatic syndromes. These illnesses typically exhibit fluctuating symptoms, often influenced by factors compromising the immune system.

The company's lead candidates are proprietary, fixed-dose combinations of antiviral agents and celecoxib, designed to work synergistically to inhibit herpesvirus replication, thereby aiming to reduce symptoms associated with virally induced diseases. IMC-1, a combination of famciclovir and celecoxib, has already received fast track designation from the FDA.

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