BERWYN, PA – Virpax Pharmaceuticals Inc. (NASDAQ:VRPX), a micro-cap pharmaceutical company with a market capitalization of $2.07 million, reported today the immediate resignation of Mr. Gary Herman from its Board of Directors and all associated committees as of December 6, 2024.
According to InvestingPro data, the company's stock has experienced significant challenges, declining over 90% year-to-date. The departure, detailed in an 8-K filing with the Securities and Exchange Commission, was not the result of any disagreements regarding the company’s operations, policies, or practices.
Mr. Herman’s resignation was confirmed by the company to be unrelated to any disputes or conflicts with company management or board activities. Virpax Pharmaceuticals took the opportunity to thank Mr. Herman for his contributions during his tenure on the board.
The company has not yet announced a successor or provided details on the process for filling the vacancy left by Mr. Herman’s departure. The 8-K filing, which serves as the source for this information, also included the company's standard financial statements and exhibits as required for compliance with SEC regulations.
Virpax Pharmaceuticals, headquartered in Berwyn, Pennsylvania, operates within the pharmaceutical industry under the SIC code 2834 and is incorporated in Delaware. The company's common stock is listed on The Nasdaq Capital Market under the ticker symbol VRPX.
This announcement comes at a time when the pharmaceutical industry is seeing significant changes in executive leadership roles. The company's brief statement in the SEC filing did not elaborate on the strategic implications of Mr. Herman’s resignation for Virpax Pharmaceuticals' future direction or governance.
As an emerging growth company, Virpax Pharmaceuticals has not indicated whether it will opt for the extended transition period for complying with new or revised financial accounting standards provided under the Securities Exchange Act.
Investors and stakeholders of Virpax Pharmaceuticals may anticipate further announcements regarding the company’s board composition and any subsequent impact on its governance and strategic initiatives.
In other recent news, Virpax Pharmaceuticals has announced a range of significant developments.
The company lowered its quorum requirement from a majority to 34% of the voting power of the outstanding shares, a move designed to facilitate shareholder meetings and decision-making processes. Virpax Pharmaceuticals also regained compliance with Nasdaq's independent director and audit committee requirements following the appointment of Ms. Esha Randhawa as an independent director.
Furthermore, Virpax Pharmaceuticals priced a $5 million public offering, managed by Spartan Capital Securities, with the proceeds planned to support the investigational new drug (IND) filing for Probudur™, an injectable local anesthetic for post-operative pain management. The company also appointed Katharyn Field as Vice President and principal executive officer, and Usama Chaudhry as its new Chief Financial Officer, bolstering its executive team.
In terms of product development, Virpax extended its research collaboration with the National Center for Advancing Translational Sciences, focusing on NES100, a non-opioid alternative for pain suppression. The company plans to file an Investigational New Drug Application for Probudur by the end of the year.
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