Business
Virios Therapeutics Announces First Quarter 2022 Financial Results and Provides Corporate Update
- Enrollment Completed in FORTRESS Study with Top Line Data Expected in September 2022 - - Conference Call Today at 8:30 a.m. ET - ATLANTA--(BUSINESS WIRE)--
About this update from Dogwood Therapeutics, Inc.
[{"type":"text","content":"\n- Enrollment Completed in FORTRESS Study with Top Line Data Expected in September 2022 -\n\n- Conference Call Today at 8:30 a.m. ET -\n\n ATLANTA--(BUSINESS WIRE)--\nVirios Therapeutics, Inc. (Nasdaq: VIRI), a development-stage biotechnology company focused on advancing novel, combination antiviral therapies to treat debilitating chronic diseases, including fibromyalgia, today announced financial results for the first quarter ended March 31, 2022.\n\nKey Highlights\n\n\nCompleted enrollment in Phase 2b FORTRESS fibromyalgia study with top line results expected in September 2022\n\n\nTargeting completion of chronic toxicology studies concurrent with FORTRESS study results in preparation for fibromyalgia Phase 3 program\n\n\nPresented at 34th Annual Roth and Virtual H.C. Wainwright BioConnect Conferences\n\n\n“The second half of 2022 is going to be an exciting time for Virios as we continue to deliver on our strategic and operational plans,” said Greg Duncan, Chairman and CEO of Virios Therapeutics. “Based on our team’s extensive experience and strong clinical site relationships, we were able to fully enroll patients on a timely basis in our Phase 2b FORTRESS study of IMC-1 (a combination of famciclovir and celecoxib), with top line data expected in September.”\n\n“We plan to expand our pipeline of novel combination antiviral therapies through an unrestricted investigational grant to the Bateman Horne Center, a leading research center in post-viral syndromes. The Bateman Horne center will assess the potential of IMC-2 (a combination of valacyclovir and celecoxib) to reduce fatigue and other symptoms associated with Long COVID, which is estimated to effect up to 100 million post-COVID patients worldwide,” concluded Mr. Duncan.\n\nFirst Quarter 2022 Financial Results\n\nResearch and development expenses for the first quarter of 2022 were $2.8 million, compared to $1.7 million for the first quarter of 2021. The increase was primarily due to an increase in clinical trial expenses.\n\nGeneral and administrative expenses for the first quarter of 2022 were $1.2 million, compared to $1.4 million for the first quarter of 2021. This decrease was primarily related to a decrease in accounting and legal fees.\n\nNet loss for the first quarter of 2022 was $4.0 million, or $0.48 basic and diluted per share, compared to a net loss of $3.1 milli...