Virpax Pharmaceuticals Obtains $2.5M Loan and Funding Negotiation Agreement

Virpax Pharmaceuticals, Inc., a company focused on creating non-addictive pain management solutions and treatments for various central nervous system disorders, has recently secured a significant $2.5 million loan from an institutional investor. This financial injection has allowed the company to settle its litigation payments fully. In conjunction with this financing, the company has reorganized its Board of Directors, reducing the number of members from eight to seven. Four new board members were appointed by the institutional investor, while five existing members resigned from their positions.

Gerald Bruce, CEO of Virpax Pharmaceuticals, expressed optimism about the new funding arrangement, stating that it would enable the company to continue its mission of developing non-addictive pain medications and other essential CNS product candidates. Bruce highlighted the value of the company's asset portfolio and noted the positive reception these assets received at a recent industry meeting in San Diego. He emphasized that the new funding would provide the flexibility needed to advance Virpax's programs.

Virpax's newly appointed board members include Judy Su, Gary Herman, Jatinder Dhaliwal, and Katharyn Field. These individuals bring diverse expertise and backgrounds to the company. Judy Su, with her extensive experience as a lead pharmacist and her roles as an independent director for various publicly traded companies, adds valuable knowledge to the board. Gary Herman, a seasoned investor with a history of managing investment firms, offers financial and strategic insights. Jatinder Dhaliwal, a registered pharmacist and CEO of multiple publicly traded companies, brings a wealth of knowledge in pharmaceutical operations. Katharyn Field, with her background in strategy consulting and executive leadership, adds a fresh perspective to the board.

The departing board members, including Dr. Jeffrey Gudin, Dr. Thanigavelan Jambulingam, Michael Dubin, Jerrold Sendrow, and Dr. Barbara Ruskin, are recognized for their contributions to the company. Bruce expressed gratitude for their support and contributions during their tenure.

Virpax Pharmaceuticals is currently seeking FDA approval for two prescription drug candidates using its proprietary drug delivery technologies. The first candidate, Probudur™, is a single injection liposomal bupivacaine formulation designed to manage post-operative pain. The second candidate, Envelta™, is an intranasal molecular envelope enkephalin formulation intended to manage severe pain, including post-cancer pain. Additionally, the company is developing NobrXiol™, a nasal delivery formulation of pharmaceutical-grade cannabidiol (CBD) for managing rare pediatric epilepsy.

The company is also working on nonprescription product candidates, such as AnQlar, which aims to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm™, a topical diclofenac spray film formulation for managing osteoarthritis pain. Virpax has collaborative research and development agreements with the National Institutes of Health (NIH) and the Department of Defense (DOD) for some of its prescription drug candidates.

With the recent changes to its Board of Directors and the financial backing from the institutional investor, Virpax Pharmaceuticals is poised to continue its advancements in non-addictive pain management and CNS disorder treatments. The company anticipates starting first-in-human trials in 2025, marking a significant milestone in its development pipeline.