Virios Therapeutics, a Phase 2 biotech developing novel antiviral therapies for fibromyalgia and other diseases, raised $30 million by offering 3 million shares at $10, within the range of $9 to $11. At pricing, the company commands a 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 plans to list on the Nasdaq under the symbol VIRI. ThinkEquity acted as a lead manager on the deal.
