Virios Therapeutics Announces Proposed Public Offering of Common Stock to Commence Preparations for Planned IMC-2 Long-COVID Phase 2b Study
May 17 2024 - 4:10PM
Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company” or “Virios
Therapeutics”), a development-stage biotechnology company focused
on advancing novel antiviral therapies to treat debilitating
chronic diseases, including fibromyalgia (“FM”) and Long-COVID
(“LC”), today announced that it intends to offer and sell up to
$2.1 million in shares of its common stock in a public offering.
All shares of common stock in the offering are to be offered by
Virios Therapeutics. Virios Therapeutics intends to use the net
proceeds of the proposed offering to commence preparatory
activities for its planned IMC-2 Long-COVID Phase 2b study and for
general corporate purposes. The offering is subject to market
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
Maxim Group LLC is acting as sole placement
agent, on a reasonable best-efforts basis, for the proposed
offering.
The public offering is being made pursuant to an
effective shelf registration statement on Form S-3, (File No.
333-263700), previously filed with the U.S. Securities and Exchange
Commission (SEC) on March 18, 2022, and declared effective on April
28, 2022. The securities may be offered only by means of a
prospectus. A preliminary prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
public offering have been filed with the SEC, will form a part of
the effective registration statement and will be available on the
SEC’s website at www.sec.gov. When available, copies of the
preliminary prospectus supplement and accompanying prospectus
relating to the public offering may also be obtained by contacting
Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY
10022, Attention: Prospectus Department, or by telephone at (212)
895-3745 or by email at syndicate@maximgrp.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Virios Therapeutics,
Inc.
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 syndromes, 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 dosage
combination of famciclovir and celecoxib) has been granted fast
track designation by the FDA.
For more information, please
visit www.virios.com.
Forward Looking Statement
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 Amended Annual Report on Form 10-K/A for the year ended
December 31, 2023, 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
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