Virpax Pharmaceuticals, Inc. (VRPX), a preclinical stage biopharmaceutical company, has seen a decline of 7.69% in aftermarket trading session. As a result of that, VRPX stock is changing hands at $9 at the time of this writing. On Monday, VRPX stock closed the day at $9.75, a decline of 15.95%. The reason for this continuous decline is perceived to be a profit-taking factor after VRPX stock soared to $12.64 in the premarket trading session on Monday. Let’s discuss some recent developments related to VRPX stock.
VRPX agreement with Seqens
On the 26th of August, VRPX announced to have entered into commercial manufacture and supply agreement with Seqens, a global leader in pharmaceutical solutions, having almost 24 manufacturing sites throughout the globe, and besides, having numerous research centers. The agreement is aimed at the provision of supply, materials for Virpax clinical studies. Besides, it also aims to provide the long term commercial supply of MMS019. According to an agreement, Seqens was stipulated to conduct process development and validation of additional large scale commercial quantities of MMS019 at its facilities in Devens and Newburyport, Massachusetts. Anthony Mack, Chairman, and CEO of Virpax, commented that the company expects the collaboration to support future development and to supply additional Molecular Envelope Technology programs under development.
FDA pre-IND response
On the 17th of August, VRPX announced to have received the pre-investigational new drug (pre-IND) response from the US Food and Drug Administration (FDA). The response was about MMS019, the company’s prime product. According to the company, the response supports further research on MMS019 as an internasal protective that could limit the transmission of viruses to other individuals. The company expected that it would pursue a new drug application (NDA) for MMS019 as an internasal treatment. The company said that it started to engage with Syneos Health for assistance with the optimal clinical trial design based on an efficient lifetime. Anthony P. Mack stated on the occasion that as the development program of the company proceeds, it would define the strategy of MMS019 for use in over-the-counter settings.
Q2 2021 financial results
On the 10th of August, VRPX reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. According to the details, the company bore general and administrative expenses of $2 million for the quarter, while research and development expenses stood at $0.3 million. The company bore an operating loss of $2.3 million during the quarter. The company had cash and cash equivalents of $10.5 million on the 30th of June 2021. The basic and diluted loss per share during the quarter was $0.47.
What’s ahead for VRPX?
During the last quarter, VRPX stock has grown by about 131%, which is an indicator of its excellent performance in the recent past. More recently, during the previous month, the stock has rose by some 111%. So, based on these and other related statistics, potential investors should keep a close watch on the future performance of VRPX stock.