ALPHARETTA, GA - Virios Therapeutics, Inc., a company specializing in pharmaceutical preparations, announced the results of its annual stockholders meeting held on Monday. The meeting saw the election of directors and the ratification of the company's independent registered public accounting firm for the upcoming fiscal year.
Stockholders present in person or by proxy accounted for 45.17% of the voting power, surpassing the quorum required for the meeting. All six director nominees were elected, with Richard Burch, Greg Duncan, David Keefer, and John C. Thomas, Jr. receiving substantial support. Abel De La Rosa, Ph.D., and Richard J. Whitley, M.D., also secured seats, albeit with a higher number of withheld votes.
Additionally, the appointment of FORVIS, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority. The decision was made with 8,347,686 votes in favor, 241,056 against, and 110,752 abstentions.
The company, which is incorporated in Delaware and headquartered in Alpharetta, GA, trades on the Nasdaq Capital Market under the ticker symbol NASDAQ:VIRI. Its fiscal year end is December 31.
This announcement is based on a press release statement and provides a summary of the key outcomes of Virios Therapeutics' annual meeting, reflecting the decisions made by its stockholders regarding the governance and oversight of the company.
In other recent news, Virios Therapeutics, a pharmaceutical company, has been granted an extension by the Nasdaq Stock Market LLC to meet the minimum bid price required for continued listing on The Nasdaq Capital Market.
This development comes as the company plans to offer up to $2.1 million in shares of its common stock to the public, with Maxim (NASDAQ:MXIM) Group LLC serving as the sole placement agent. The offering is aimed at funding the company's upcoming Phase 2b study on Long-COVID and supporting general corporate functions.
On the financial front, Virios Therapeutics reported a net loss of $1.3 million and cash holdings of $2.4 million as of the end of March 2024. Despite the loss, the company's current capital is expected to fund operations until Q4 2024. The company is advancing their Long-COVID Phase 2 study and holds a global patent for IMC-2, with discussions underway to partner for Phase 3 development of IMC-1 for fibromyalgia treatment.
These recent developments highlight Virios Therapeutics' ongoing commitment to its research and drug development programs. The company has not provided guidance on the expected timing or size of the public stock offering. As the company moves forward with its plans, investors will be keeping a close watch on its progress.
InvestingPro Insights
In the context of Virios Therapeutics' recent annual stockholders meeting, a look at the company's financial health and market performance can provide additional insights. According to InvestingPro data, Virios Therapeutics holds a market capitalization of just $6.91 million, indicating a relatively small size within the pharmaceutical sector.
The company's stock price has experienced significant volatility, with a 1-month price total return showing a strong rebound of 26.4%, yet the 1-year price total return revealed a steep decline of -86.47%. This volatility is reflected in the recent stock price, which is at 10.29% of its 52-week high.
InvestingPro Tips highlight the company's financial position, noting that Virios Therapeutics holds more cash than debt, which is a positive sign for liquidity. However, the company is not currently profitable, with a negative P/E ratio of -0.91, and analysts do not expect it to be profitable this year. Moreover, the firm's gross profit margins are considered weak, which might be a concern for investors looking for robust financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips on Virios Therapeutics, which can be accessed at https://www.investing.com/pro/VIRI. For those interested, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 11 additional InvestingPro Tips available, investors can gain a deeper understanding of the company's potential risks and opportunities.
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