Virpax Pharmaceuticals, a preclinical biotech developing new pain management drug technology, announced terms for its IPO on Friday.
The West Chester, PA-based company plans to raise $15 million by offering 1.4 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Virpax Pharmaceuticals would command a fully diluted market value of $50 million.
Virpax Pharmaceuticals is developing innovative non-opioid and non-addictive pharmaceutical pain management products using new drug delivery systems and technology. The company has exclusive global rights to develop, sell, and export a proprietary patented nonsteroid anti-inflammatory Topical Spray Film Delivery Technology for acute musculoskeletal pain and chronic osteoarthritis of the knee. Virpax also has exclusive rights to a patented injectable, long-acting “local anesthetic” Liposomal (Hydro) Gel Technology for postoperative pain management.
Virpax Pharmaceuticals was founded in 2016 and plans to list on the Nasdaq under the symbol VRPX. ThinkEquity is the sole bookrunner on the deal.
