VIRI - Virios Therapeutics Announces Termination of At-The-Market Sales Agreement | Benzinga
ATLANTA, Sept. 18, 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 and Long-COVID, today announced that it provided notice of termination of the Capital on Demand™ Sales Agreement entered into between the Company and JonesTrading Institutional Services LLC on July 14, 2023 (the "Sales Agreement"). The Company has initiated the 10-day termination process under the Sales Agreement, with the official termination taking effect on September 28, 2023. The Company will make no sales under the Sales Agreement during this period.
"Based on current market conditions, we believe it is in the best interest of the Company and our shareholder base to focus on operational priorities," noted Greg Duncan, Chairman and Chief Executive Officer of the Company.
The Company's management team is currently focusing its attention on short-to-medium term operational priorities that are within the current operating budget, including:
- Providing an additional grant to conduct a second Long-COVID study with the Bateman Horne Center. This new study is planned as a double-blinded, placebo-controlled assessment of IMC-2 in Long-COVID.
- Exploring opportunities for non-dilutive funding to support further IMC-2 (fixed combination of valacyclovir and celecoxib) development.
- Preparing for a ...