NASDAQ: VIRI shares are down -73.69% in premarket trading at $0.5262 after Virios Therapeutics Inc. announced a public offering pricing. The VIRI stock closed Monday’s session at $2.00 down -77.19%.
How much did VIRI announce for its pricing?
As announced today, Virios Therapeutics (VIRI) has priced its underwritten public offering. Under the public offering, 10.0 million shares of common stock will be offered at $0.50 apiece for gross proceeds of $5.0 million before underwriting discounts, commissions, and offering expenses.
- VIRI is offering all of the shares of common stock. A 45-day option has been granted to the underwriters to purchase up to 1.5 million additional shares at the public offering price less discounts and commissions to cover over-allotments.
- Under customary closing conditions, VIRI expects to close the offering on September 22, 2022.
- In addition to advancing the clinical development of IMC-1, Virios Therapeutics plans to use the net proceeds from the offering for general corporate purposes and working capital.
- The offering is being managed by ThinkEquity alone.
VIRI’s top-line results
The topline results of Virios Therapeutics’ FORTRESS trial evaluating the synergistic suppression of Herpes Simplex Virus-1 (“HSV-1”) for fibromyalgia were published yesterday.
In the FORTRESS study, the change in the weekly average of daily self-reported average pain severity scores from baseline to Week 14 did not reach statistical significance between IMC-1 and placebo. FORTRESS trial data, however, suggest bifurcation of response according to when patients enrolled.
VIRI’s findings of the study
A well-tolerated therapeutic option is much-needed for FM patients, and this study’s overall primary efficacy result is thought to have scientific validity. According to Virios Therapeutics (VIRI), the differential response observed in patients enrolled in 2021 and 2022 may be the result of interaction between different COVID-19 strains and herpes virus activation.