Virios Therapeutics, a Phase 2 biotech developing novel antiviral therapies for fibromyalgia and other diseases, announced terms for its IPO on Friday.
The Alpharetta, GA-based company plans to raise $30 million by offering 3 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Virios Therapeutics would command a fully diluted market value of $78 million.
The company's lead candidate, IMC-1, is a novel combination antiviral therapy designed to synergistically suppress Herpes Simplex Virus-1activation and replication, with the end goal of reducing viral mediated disease burden. In a Phase 2a proof-of-concept trial for fibromyalgia, IMC-1 provided statistically significant improvement versus placebo in the primary endpoint of pain reduction. The company plans to enter a Phase 2b trial in the 1Q21, with topline data expected in the 1Q22.
Virios Therapeutics was founded in 2012 and plans to list on the Nasdaq under the symbol VIRI. ThinkEquity is the sole bookrunner on the deal.
