Virpax Pharmaceuticals Reports Increased Losses Amid Promising Developments

Virpax Pharmaceuticals

BERWYN, PAVirpax Pharmaceuticals, Inc. (NASDAQ: VRPX) recently released its financial results for the first quarter of 2024, revealing increased losses as the company advances its drug development programs.

Virpax reported a net loss of $3.2 million for the three months ended March 31, 2024, up from $1.5 million during the same period in 2023. General and administrative expenses surged to $1.7 million, primarily due to a one-time legal defense cost reimbursement that reduced expenses in the previous year. Research and development costs also climbed to $1.6 million, driven by preclinical activities for Probudur, the company’s lead asset.

CEO Gerald W. Bruce announced favorable results from a Maximum Tolerated Dose Study for Probudur, a formulation aimed at providing sustained pain relief without the need for opioids. “The results of this study, as expected, confirmed our belief that a single injection of Probudur was well-tolerated,” Bruce stated. He emphasized that ongoing studies support the potential of Probudur to offer immediate and sustained relief at wound sites.

Bruce also highlighted developments with Envelta, for acute and chronic pain, and NobrXiol, for rare pediatric epilepsy. Both drugs utilize intranasal Molecular Envelope Technology (MET) developed by Nanomerics, which recently won the King’s Award for Enterprise 2024 for innovation. “We congratulate them for this well-deserved recognition and are pleased to be utilizing this innovative drug delivery method for a number of our product candidates,” Bruce said.

Furthermore, Bruce noted that Virpax continues to pursue additional grants, licensing opportunities, and discussions with potential partners. “While there are no guarantees that we will be successful, we are encouraged with the ongoing level of interest and activity,” he concluded.

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As of March 31, 2024, Virpax had cash reserves of approximately $1.9 million, reflecting the company’s need to secure further funding to sustain its ambitious development plans.

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