Virpax Pharmaceuticals, Inc., a Delaware-based company specializing in pharmaceutical preparations, announced on Monday that it has issued 1,975,283 new shares of common stock. This issuance comes as a result of investors exercising warrants that were previously issued by the company.
The exercise of these warrants provided Virpax Pharmaceuticals with proceeds of approximately $2.7 million. Following the issuance, the total number of common stock shares outstanding for the company has increased to 4,813,181. The warrants were exercised on or about Thursday, July 11, 2024.
Virpax Pharmaceuticals trades under the ticker VRPX on The Nasdaq Capital Market. The recent financial activity was disclosed by SEC regulations, which require public companies to report certain events that shareholders and the investing public may find relevant.
This recent development is based on a press release statement.
In other recent news, Virpax Pharmaceuticals reported positive results from a pilot study of its pain management product, Probudur. The research indicated the drug was well-tolerated and exhibited a prolonged, slow-release profile without adverse effects. Furthermore, Virpax is planning to file an Investigational New Drug Application for Probudur by the end of the year.
In addition, Virpax has been notified by Nasdaq about a potential delisting due to its stock price not meeting the minimum bid price requirement. The company is exploring options to regain compliance, including the possibility of a reverse stock split. Concurrently, Virpax Pharmaceuticals has announced a public offering aiming to raise approximately $2.25 million, facilitated by A.G.P./Alliance Global Partners (NYSE:GLP).
The company is also making strides with its non-addictive pain management solutions, such as Envelta for acute and chronic pain and NobrXiol for rare pediatric epilepsy.
InvestingPro Insights
In light of Virpax Pharmaceuticals' recent share issuance, a glimpse into the company's financial health and stock performance through InvestingPro data can provide investors with a broader context. Virpax, trading under the ticker VRPX, holds a market capitalization of approximately $3.73 million, reflecting its status in the market. Notably, the company has experienced a significant return over the last month with a 98.45% increase, yet it's important to recognize the volatility, as the price has also fallen considerably over the last year by 86.12%.
InvestingPro Tips suggest that Virpax Pharmaceuticals carries more cash than debt on its balance sheet, which could be a sign of financial stability. However, the company does not pay dividends to shareholders, which may influence investment strategies focused on income generation. Additionally, there are 10 more InvestingPro Tips available that could provide deeper insights into VRPX's financial and stock performance. Interested investors can explore these tips and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to further enrich their investment strategy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.