Virios Therapeutics Announces Halt to At-The-Market Offering Sales
14 8월 2023 - 8:05PM
Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company”), a
development-stage biotechnology company focused on advancing novel
antiviral therapies to treat debilitating chronic diseases such as
fibromyalgia (“FM”) and Long-COVID, today announced that it has
advised its sales agent, JonesTrading Institutional Services LLC
(“JonesTrading”), to cease sales under the Capital on Demandtm
Sales Agreement entered into between the Company and JonesTrading
on July 14, 2023.
“Based on current market conditions and investor
sentiment, we believe it is in the best interest of the Company and
its stockholders to halt such sales,” noted Greg Duncan, Chairman
and Chief Executive Officer of the Company.
The Company’s management team is focusing its
attention on short-to-medium term operational priorities that are
within the current operating budget, including:
- Preparing transition of IMC-1
(fixed dose combination of famciclovir and celecoxib) Phase 3
development program as a treatment for fibromyalgia (“FM”).
- Executing our IMC-2 confirmatory
Long-COVID (“LC”) study with the Bateman Horne Center, while
exploring non-dilutive funding options to support advanced IMC-2
(fixed combination of valacyclovir and celecoxib) development.
- Preparing for a Pre-Investigational
New Drug meeting with the Food & Drug Administration.
- Exploration of Potential
Partnerships for both the FM and LC Programs.
About Virios Therapeutics
Virios Therapeutics (Nasdaq: VIRI) is a
development-stage biotechnology company focused on advancing novel
antiviral therapies to treat diseases associated with a viral
triggered abnormal immune response such as fibromyalgia (“FM”) and
Long-COVID (“LC”). Overactive immune response related to activation
of tissue resident herpesvirus has been postulated to be a
potential root cause of chronic illnesses such as FM, irritable
bowel syndrome, LC, chronic fatigue syndrome and functional somatic
syndrome, all of which are characterized by a waxing and waning
manifestation of disease, often triggered by events which
compromise the immune system. Our lead development candidates are
novel, proprietary, fixed dose combinations of an antiviral
compound and celecoxib designed to synergistically suppress
herpesvirus replication, with the end goal of reducing virally
promoted disease symptoms. IMC-1 (fixed dose combination of
famciclovir and celecoxib) has been granted fast track designation
by the FDA. The Company plans to engage the FDA in the latter half
of 2023 with the goal of filing an investigational new drug
application to formally assess IMC-2 (fixed combination of
valacyclovir and celecoxib) as a potential treatment for Long-COVID
sequelae.
For more information, please visit
www.virios.com.
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Forward-Looking Statements
Statements in this press release contain
“forward-looking statements,” within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995, that are subject
to substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
“anticipate,” “believe,” “contemplate,” “could,” “estimate,”
“expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,”
“predict,” “project,” “suggest,” “target,” “aim,” “should,” "will,”
“would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on Virios
Therapeutics’ current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict,
including risks related to the completion, timing and results of
current and future clinical studies relating to Virios
Therapeutics’ product candidates. Further, certain forward-looking
statements are based on assumptions as to future events that may
not prove to be accurate. These and other risks and uncertainties
are described more fully in the section titled “Risk Factors” in
the Annual Report on Form 10-K for the year ended December 31,
2022, filed with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made
as of this date, and Virios Therapeutics, Inc. undertakes no duty
to update such information except as required under applicable
law.
Contact:IR@Virios.com
Virios Therapeutics (NASDAQ:VIRI)
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Virios Therapeutics (NASDAQ:VIRI)
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