Virpax Pharmaceuticals (NSDQ:VRPX) announced today that it priced an underwritten public offering worth approximately $40 million.
Berwyn, Pennsylvania-based Virpax’s offering includes 6.67 million shares of common stock priced at $6 per share, totaling just over $40 million before deducting underwriting discounts and offering expenses.
Additionally, the company granted underwriters a 45-day option to purchase up to just over 1 million additional shares of common stock to cover over-allotments at the public offering price, according to a news release.
Virpax plans to use the proceeds to fund research for its Epoladerm Probudur, Evnelta and AnQlar indications, along with other development programs. Other uses include paying fees and expenses associated with the offering, repaying outstanding promissory notes issued to the company’s CEO and paying deferred compensation due to the CEO.
The company develops a number of drug delivery systems aimed to advance non-opioid and non-addictive pain management treatment, allowing healthcare professionals to target a patient’s pain at its source.
Virpax has global rights to a proprietary patented molecular envelope technology (MET) that uses an intranasal device to deliver enkephalin via nanoparticles to manage acute and chronic pain. Additionally, the company has rights to a patented metered-dose topical spray film delivery platform for musculoskeletal pain and a patented injectable “local anesthetic” liposomal hydrogel technology for postoperative pain management.