Virios Therapeutics Announces Halt to At-The-Market Offering Sales
ATLANTA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- 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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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.
Released August 14, 2023