Virpax Pharmaceuticals Announces Q2 2024 Results and Updates

Virpax Pharmaceuticals, Inc., based in Berwyn, Pennsylvania, is a company dedicated to the development of non-addictive treatments for pain management, post-traumatic stress disorder, central nervous system disorders, and viral barriers. The company recently reported its financial results for the quarter ending June 30, 2024, along with significant recent developments.

Company CEO, Gerald W. Bruce, expressed optimism about the company's progress following successful engagements at the BIO International Convention in San Diego. Bruce highlighted advancements in product candidate development, grant applications, and ongoing discussions concerning licensing and other partnership opportunities.

One of Virpax's significant milestones includes the positive outcomes from a pharmacokinetics and safety study for Probudur™, their leading asset. Probudur is a long-acting liposomal bupivacaine formulation designed for immediate and extended pain relief. The study, conducted on juvenile domestic pigs, showed that Probudur was well-tolerated and exhibited a sustained release profile, mirroring earlier encouraging results from a Maximum Tolerated Dose study in rats. Virpax anticipates announcing additional findings from ongoing studies as they prepare for human trials.

Financially, Virpax has made notable strides. The company secured financing to clear the remaining balance of a litigation settlement, thereby lifting a significant burden from its stock. Additionally, Virpax regained compliance with the Nasdaq minimum bid price requirement, ensuring continued listing on the exchange.

In July 2024, Virpax received approximately $2.8 million from the issuance of common stock shares, as investors exercised warrants from a May public offering. The company further bolstered its financial position by closing a $2.5 million secured loan, which facilitated the final payment of its litigation settlement. This financing led to a reorganization of the Board of Directors, reducing its size from eight to seven members, with four new members appointed by the institutional investor.

Notably, the loan was repaid in full by July 25, 2024, using proceeds from the warrants exercised by investors in the May public offering. Virpax also reported that its CEO, Gerald W. Bruce, had presented the company's progress at the BIO International Convention, engaging with numerous potential partners.

The company's financial summary for the second quarter of 2024 highlighted a reduction in general and administrative expenses to $1.5 million, down from $1.9 million in the same period the previous year. This decrease was primarily due to severance expenses related to the former CFO in 2023, which were not repeated in 2024, along with lower stock option and insurance expenses.

Research and development expenses saw an increase to $2.0 million, up from $1.3 million in the same period in 2023. This rise was mainly due to $1.1 million allocated for preclinical activities for Probudur, despite a decrease in expenses for AnQlar and Epoladerm preclinical activities. The overall operating loss for the three months ended June 30, 2024, was $3.5 million, compared to $3.1 million in the same period the previous year. As of June 30, 2024, Virpax reported having cash reserves of approximately $1.9 million.

Virpax Pharmaceuticals is focused on developing branded, non-addictive pain management products using proprietary technologies for targeted drug delivery. Their pipeline includes Probudur™, a post-operative pain management solution, and Envelta™, an intranasal enkephalin formulation for acute and chronic pain management, including cancer-related pain. Additionally, Virpax is exploring other innovative treatments such as NobrXiol™, a nasal delivery cannabidiol for rare pediatric epilepsy, and two nonprescription product candidates, AnQlar and Epoladerm™, aimed at managing viral replication and osteoarthritis pain, respectively.

Virpax's strategy includes leveraging competitive cooperative research and development agreements with the National Institutes of Health and the Department of Defense. These collaborations underline the company's commitment to advancing its product candidates through rigorous research and development towards regulatory approval and eventual commercialization.

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