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Virios Therapeutics Announces Halt to At-The-Market Offering Sales
ATLANTA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company”), a development-stage biotechnology company focused on
About this update from Dogwood Therapeutics, Inc.
[{"type":"text","content":"ATLANTA, Aug. 14, 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 (“FM”) and Long-COVID, today announced that it has advised its sales agent, JonesTrading Institutional Services LLC (“JonesTrading”), to cease sales under the Capital on Demandtm Sales Agreement entered into between the Company and JonesTrading on July 14, 2023. “Based on current market conditions and investor sentiment, we believe it is in the best interest of the Company and its stockholders to halt such sales,” noted Greg Duncan, Chairman and Chief Executive Officer of the Company. The Company’s management team is focusing its attention on short-to-medium term operational priorities that are within the current operating budget, including: Preparing transition of IMC-1 (fixed dose combination of famciclovir and celecoxib) Phase 3 development program as a treatment for fibromyalgia (“FM”).Executing our IMC-2 confirmatory Long-COVID (“LC”) study with the Bateman Horne Center, while exploring non-dilutive funding options to support advanced IMC-2 (fixed combination of valacyclovir and celecoxib) development.Preparing for a Pre-Investigational New Drug meeting with the Food & Drug Administration.Exploration of Potential Partnerships for both the FM and LC Programs. About Virios Therapeutics Virios Therapeutics (Nasdaq: VIRI) is a development-stage biotechnology company focused on advancing novel antiviral therapies to treat diseases associated with a viral triggered abnormal immune response such as fibromyalgia (“FM”) and Long-COVID (“LC”). Overactive immune response related to activation of tissue resident herpesvirus has been postulated to be a potential root cause of chronic illnesses such as FM, irritable bowel syndrome, LC, chronic fatigue syndrome and functional somatic syndrome, all of which are characterized by a waxing and waning manifestation of disease, often triggered by events which compromise the immune system. Our lead development candidates are novel, proprietary, fixed dose combinations of an antiviral compound and celecoxib designed to synergistically suppress herpesvirus replication, with the end goal of reducing virally promoted disease symptoms. IMC-1 (fixed dose c...