Virpax Pharmaceuticals, a preclinical biotech developing new pain management drug technology, raised $18 million by offering 1.8 million shares at $10, the low end of the range of $10 to $12. The company offered 0.4 million more shares than anticipated. At pricing, the company commands a fully diluted market value of $49.5 million. Because its market cap is less than $50 million, Virpax Pharmaceuticals will be excluded from Renaissance Capital stats.
Virpax Pharmaceuticals plans to list on the Nasdaq under the symbol VRPX. ThinkEquity acted as a lead manager on the deal.
