Virios Therapeutics Prices $1.7M Public Offering for IMC-2 Long-COVID Phase 2b Study Preparation

Virios Therapeutics, Inc. (Nasdaq: VIRI), a biotechnology company in its development stage, is dedicated to creating innovative antiviral treatments for chronic diseases such as fibromyalgia (FM) and Long-COVID (LC). On May 19, 2024, the company announced its public offering of 8,500,000 shares of common stock at a price of $0.20 per share. The anticipated gross proceeds from this offering are expected to be around $1.7 million, prior to the deduction of placement agent fees and estimated offering expenses. The closure of this offering is projected for May 22, 2024, subject to standard closing conditions.

The funds raised from this offering will be allocated towards initiating preparatory activities for Virios Therapeutics’ planned IMC-2 Long-COVID Phase 2b study and for other general corporate purposes. Maxim Group LLC is the sole placement agent for this public offering, working on a reasonable best-efforts basis.

The public offering is taking place under an effective shelf registration statement on Form S-3, that was initially filed with the U.S. Securities and Exchange Commission (SEC) on March 18, 2022, and became effective on April 28, 2022. The securities are being offered solely through a prospectus. Preliminary prospectus supplements and the associated prospectus detailing the terms of the offering have been filed with the SEC. The final prospectus supplement and the accompanying prospectus will also be filed with the SEC and will be available on its official website.

It is important to note that this press release does not serve as an offer to sell or a solicitation to buy these securities in any state or jurisdiction where such actions would be unlawful before the registration or qualification under the securities laws of that state or jurisdiction.

Virios Therapeutics specializes in the development of antiviral therapies aimed at treating diseases triggered by abnormal immune responses to viral infections, such as FM and LC. These chronic illnesses are believed to be caused by an overactive immune response due to the activation of tissue-resident herpesvirus. This theory suggests that such diseases, which include irritable bowel syndrome, chronic fatigue syndrome, and functional somatic syndromes, manifest in fluctuating patterns often triggered by events compromising the immune system.

The company's leading development candidates are innovative, proprietary fixed-dose combinations of an antiviral agent and celecoxib, designed to work synergistically to suppress herpesvirus replication. The goal is to alleviate symptoms promoted by viral activation. Virios Therapeutics’ flagship product, IMC-1, which is a fixed-dose combination of famciclovir and celecoxib, has received fast track designation from the FDA, highlighting its potential to address unmet medical needs in chronic disease management.

In conclusion, Virios Therapeutics is making significant strides in the biotechnology sector by focusing on antiviral therapies for chronic diseases. The recent public offering aims to further their research and development efforts, particularly in the realm of Long-COVID, and underscores the company's commitment to addressing complex health challenges through innovative solutions.