BERWYN, PA — Virpax® Pharmaceuticals, Inc. (NASDAQ: VRPX) has recently revealed its financial results for the third quarter ending September 30, 2023, alongside a series of significant developments.
Among recent advancements, Virpax disclosed on October 31, 2023, its plans to submit an Investigational New Drug (IND) application for Envelta, a non-addictive pain product candidate, in mid-2024. The submission follows feedback from the US Food and Drug Administration on the Company’s Pre-IND application. If approved, this would pave the way for clinical trials to commence by mid-2024.
In addition, the Company announced the extension of its cooperative research and development agreement with the U.S. Army Institute of Surgical Research to evaluate Virpax’s Probudur™ till September 2024. Probudur™ is an injectable long-acting liposomal bupivacaine formulation intended for wound site injection.
On the leadership front, Gerald W. Bruce was appointed as President and CEO of Novvae™ Pharmaceuticals, a wholly-owned subsidiary of Virpax, on October 2, 2023.
Pre-clinical dose escalation studies for Probudur™ have also yielded positive results, with the formulation outperforming Exparel® in terms of efficacy duration.
Furthermore, Virpax has been proactive in securing intellectual property rights. It filed two provisional patent applications with the United States Patent and Trademark Office (USPTO) related to its Epoladerm™ and Envelta™ product candidates in August and July 2023, respectively.
As for the financials, general and administrative expenses for Q3 2023 were $4.6 million, a decrease from $4.9 million in the same period in 2022. Research and development expenses also saw a reduction, from $2.8 million in Q3 2022 to $1.5 million in Q3 2023.
The operating loss for Q3 2023 was $6.1 million, compared to an operating loss of $7.7 million in the same period in 2022. As of September 30, 2023, the Company had cash and cash equivalents of $12.2 million, down from $19.0 million as of December 31, 2022.
These developments reflect Virpax® Pharmaceuticals’ commitment to advancing its product pipeline while maintaining financial discipline. The Company’s robust research activities and strategic alliances continue to position it for future growth in the pharmaceutical industry.
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