IPOS - Virios Therapeutics Announces Pricing of $1.7 Million Public Offering of Common Stock to Commence Preparations for Planned IMC-2 Long-COVID Phase 2b Study | Benzinga
ATLANTA, May 19, 2024 (GLOBE NEWSWIRE) -- Virios Therapeutics, Inc. (NASDAQ:VIRI) (the "Company" or "Virios Therapeutics"), a development-stage biotechnology company focused on advancing novel antiviral therapies to treat debilitating chronic diseases, including fibromyalgia ("FM") and Long-COVID ("LC"), today announced the pricing of its previously announced public offering of 8,500,000 shares of its common stock at a public offering price of $0.20 per share. Gross proceeds from the offering are expected to be approximately $1.7 million before deducting placement agent fees and estimated offering expenses. The offering is expected to close on May 22, 2024, subject to customary closing conditions. Virios Therapeutics intends to use the net proceeds of the proposed offering to commence preparatory activities for its planned IMC-2 Long-COVID Phase 2b study and for general corporate purposes.
Maxim Group LLC is acting as sole placement agent, on a reasonable best-efforts basis, for the proposed offering.
The public offering is being made pursuant to an effective shelf registration statement on Form S-3, (File No. 333-263700), previously filed with the U.S. Securities and Exchange Commission (SEC) on March 18, 2022, and declared effective on April 28, 2022. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the public offering have been filed with the SEC. A final prospectus ...