Virpax Pharmaceuticals (NASDAQ: VRPX) stock soared during intraday trading Monday after the company secured $2.5 million loan financing from an institutional investor and announced a board reorganization.
Virpax Pharmaceuticals recently announced the closing of a $2.5 million secured loan financing from an institutional investor. This funding has facilitated the final payment of litigation settlement and led to significant changes in the company’s Board of Directors.
The company has reduced the Board of Directors from eight to seven members. The institutional investor appointed four new board members: Ms. Judy Su, Mr. Gary Herman, Mr. Jatinder Dhaliwal, and Ms. Katharyn Field. Consequently, five board members resigned, including Dr. Jeffrey Gudin, Dr. Thanigavelan Jambulingam, Mr. Michael Dubin, Mr. Jerrold Sendrow, and Dr. Barbara Ruskin.
Gerald Bruce, CEO of Virpax Pharmaceuticals, expressed optimism about the new financing arrangement and board changes. He stated,
“This loan by the institutional investor, combined with an agreement to negotiate additional funding, will allow us to continue fulfilling our mission to develop non-addictive pain drugs and other CNS product candidates with high unmet medical needs.”
Bruce emphasized the value of the company’s portfolio, noting the high level of interest received at the recent BIO meeting in San Diego. He continued,
“Our new funding relationship gives us the confidence and flexibility to fund our programs moving forward.”
Bruce also welcomed the new board members, expressing enthusiasm for the fresh expertise and vision they bring as Virpax moves into its next stage of development.
Virpax Pharmaceuticals (NASDAQ: VRPX) Stock Reaction
VRPX stock surged 92.04% on Monday, closing at $1.11, marking a 114.58% increase for the week. The trading volume was 161,231,392 shares, significantly higher than the average daily volume of 2.76 million.
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