Virios Therapeutics Plans Public Offering for IMC-2 Long-COVID Phase 2b Study Preparations

ATLANTA, May 17, 2024 — Virios Therapeutics, Inc. (Nasdaq: VIRI), a biotechnology firm in the development stage, has revealed plans to offer and sell up to $2.1 million in common stock through a public offering. All shares will be provided by Virios Therapeutics itself. The company intends to utilize the net proceeds from this offering mainly to initiate preparatory actions for its upcoming IMC-2 Long-COVID Phase 2b study, as well as for other general corporate needs. However, the offering is dependent on market conditions, and there is no guarantee regarding its completion or the final terms.

Maxim Group LLC is serving as the sole placement agent on a reasonable best-efforts basis for this offering.

The public offering is being conducted under an effective 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 can only be offered through a prospectus. A preliminary prospectus supplement and the accompanying prospectus, which describe the terms of the public offering, have been filed with the SEC and will be available on the SEC’s website. Upon availability, copies of these documents can also be obtained from Maxim Group LLC.

This press release does not represent an offer to sell or a solicitation to buy these securities. Additionally, no sales will occur in any state or jurisdiction where such an offer, solicitation, or sale would be illegal prior to the registration or qualification under the relevant securities laws.

About Virios Therapeutics, Inc.

Virios Therapeutics (Nasdaq: VIRI) is in the development stages of biotechnology, focusing on innovative antiviral treatments for chronic diseases associated with a viral-triggered abnormal immune response, including fibromyalgia (FM) and Long-COVID (LC). It is hypothesized that an overactive immune response due to the activation of tissue-resident herpesvirus may be a root cause of chronic illnesses such as FM, irritable bowel syndrome, LC, chronic fatigue syndrome, and various functional somatic syndromes. These conditions typically exhibit a fluctuating pattern of disease manifestation, often triggered by events that compromise the immune system.

The company's primary development candidates are unique, proprietary fixed-dose combinations of an antiviral compound and celecoxib. These combinations aim to synergistically reduce herpesvirus replication, thereby alleviating virus-induced disease symptoms. The company's leading candidate, IMC-1, a fixed-dose combination of famciclovir and celecoxib, has received fast track designation from the FDA.

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