Virpax Pharmaceuticals Inc. (VRPX) shares rallied 11.65% in after-hours on Wednesday, July 14, 2021, and closed at $8.24 per share. Earlier in the morning session, VRPX’s stock gained 30.62% to close Wednesday’s session at $7.38. VRPX shares have moved up 42.47% in the past week. Over the past three months, the stock has gained 59.74%. The company has a current market of $37.56 million and its outstanding shares stood at 3.94 million.
Progress Update on Product Candidates
On July 07, 2021, Virpax Pharmaceuticals Inc provided a progress update on its pipeline of product candidates following the Company’s initial public offering in mid-February of 2021.
Update about Epoladerm
The Company will begin a series of IND enabling toxicity studies for Epoladermwhich are expected to take from eight months to one year to complete. Upon successful completion of these studies, the Company intends to submit an IND application to the FDA, including a trial design for a Phase I study.
Epoladerm is Virpax’s metered-dose diclofenac spray film product candidate that is currently being evaluated for two indications, acute musculoskeletal pain and chronic osteoarthritis of the knee pain (OSF200).
Update about Probudur
Probudur is Virpax’s injectable bupivacaine liposomal hydrogel for postoperative pain management. The Company is strategically delaying trials to enhance the formulation of Probudur to increase stability for manufacturing purposes and to possibly extend the lifetime of a relevant patent.
Envelta progress update
Envelta is Virpax’s endogenous enkephalin intranasal spray for acute and chronic pain, including pain associated with cancer.
The Company intends to use these studies as a source for INDs for two additional potential indications, cancer pain and Post-Traumatic Stress Disorder. To date, 2 of the 4 planned initial in vitro studies have been successfully completed. These pre-clinical studies under the CRADA will be conducted through 2021 and early 2022.
Recent financial results announcement
On May 18, 2021, Virpax Pharmaceuticals, Inc reported its financial results for the quarter ended March 31, 2021.
Q1 2021 financial highlights
- The total operating expenses were $2.35 million in Q1 2021 compared to $0.62 million in Q1 2020.
- It suffered an operating loss of approximately $2.3 million in Q1 2021, as compared to $0.6 million for the same period a year ago.
- Cash used in operations was $3,080,238 for Q1 2021, compared to $222,396 for Q1 2020.
- In Q1 2021 net loss was $2.38 million or Basic and diluted net loss per share of $0.60 compared to a net loss of $0.66 million or Basic and diluted net loss per share of $0.22 in Q1 2020.
- The Company had cash and cash equivalents of approximately $12.3 million on March 31, 2021.
As of this writing, there is no recent news or development behind its exceptional performance on Wednesday.