WASHINGTON (dpa-AFX) - Alpharetta, Georgia-based Virios Therapeutics Inc is set to make its stock market debut on the Nasdaq Capital Market on December 17, 2020 under the ticker symbol 'VIRI.'
Virios is a clinical-stage biotechnology company developing novel antiviral therapies to treat diseases associated with a viral triggered abnormal immune response, such as fibromyalgia. The company has offered to sell 3 million shares of its common stock in the public offering at a price of $10 each. The underwriters have a 45-day option to purchase up to an additional 450,000 shares of common stock.
The offering, which is scheduled to close on December 21, 2020, is expected to raise gross proceeds of about $30 million.
Underwriters of the IPO:
ThinkEquity
Pipeline & Near-term Catalysts:
The lead product candidate is IMC-1, a novel, proprietary, fixed dose combination of famciclovir and celecoxib, which is designed to suppress HSV-1 (Herpes Simplex Virus-1) activation and replication. HSV-1 is believed to be a potential root cause of chronic illnesses such as fibromyalgia, irritable bowel disease, chronic fatigue syndrome and functional somatic syndrome, all of which are characterized by a waxing and waning manifestation of disease.
The company is currently focusing on fibromyalgia.
Fibromyalgia is a neurologic chronic health condition that causes pain all over the body and tenderness. (Source: American College of Rheumatology)
IMC-1 has been studied successfully in a phase IIa trial in fibromyalgia, and is now expected to advance into a phase IIb clinical trial in the first quarter of 2021, with top line results expected by the second quarter of 2022.
The proposed phase IIb trial could enroll about 460 fibromyalgia patients across approximately 40 sites located in the US, with top line results expected by the second quarter of 2022.
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