Pharma Focus Europe

Virios Therapeutics Prices $1.7 Million Public Offering of Common Stock, Prepares for IMC-2 Long-COVID Phase 2b Study

Monday, May 20, 2024

Virios Therapeutics, Inc. (Nasdaq: VIRI), a biotechnology firm focused on developing novel antiviral treatments for chronic illnesses such as fibromyalgia (FM) and Long-COVID (LC), has disclosed the pricing of its previously announced public offering. This offering involves 8,500,000 shares of its common stock, priced at $0.20 per share, with gross proceeds estimated at approximately $1.7 million before deductions for placement agent fees and offering expenses. The closing of the offering is expected to occur on May 22, 2024, subject to standard closing conditions. The company intends to utilize the net proceeds from the offering to initiate preparatory activities for its planned IMC-2 Long-COVID Phase 2b study and for general corporate purposes.

Maxim Group LLC is acting as the sole placement agent for the offering on a reasonable best-efforts basis.

This public offering is being conducted in accordance with 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 offering will be made solely through a prospectus. A preliminary prospectus supplement along with the accompanying prospectus has been filed with the SEC. The final prospectus supplement and accompanying prospectus will also be filed with the SEC and made available on their website at Copies of the final prospectus supplement and accompanying prospectus can be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or via email at [email protected].



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