Virpax Pharmaceuticals receives $2.5M loan financing

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Berwyn–based Virpax Pharmaceuticals, a company developing branded, non-addictive pain management products, recently closed on a $2.5 million loan financing from an institutional investor which enabled the final payment of its litigation settlement.

“This loan by the institutional investor, combined with an agreement to negotiate additional funding, will allow us to continue fulfilling our mission to develop non-addictive pain drugs as well as other CNS product candidates with high unmet medical need,” Gerald Bruce, Virpax Pharmaceuticals CEO, said. “We believe we have a valuable portfolio of assets which was confirmed to us by the high level of interest we received at the recent BIO meeting in San Diego. Our new funding relationship gives us the confidence and flexibility to fund our programs moving forward.”

As part of the financing agreement, the company reduced the members of the board of directors by one to seven. Five board members resigned. The institutional investor selected four new board members.

“We are excited to welcome our new Board members whom we anticipate will bring expertise and fresh vision to assist us as we move into our next stage of development. We expect to begin first-in-human trials in 2025,” Bruce said.

The new board members are:

Jatinder Dhaliwal is a registered pharmacist who has served as CEO and director of multiple companies.

Katharyn Field has expertise in strategy consulting and executive leadership.

Judy Su is a pharmacist who has served as an independent director for multiple publicly traded companies listed in Canada.

Gary Herman is an investor.