Virpax Pharmaceuticals, Inc. (VRPX) stock surged 10.57% in the current-market trading session at the price of $4.47 after reporting positive results from toxicology and pharmacokinetic study of Epoladerm.
VRPX develops product candidates for neurological disorders and chronic pain management to optimize drug delivery. The company is currently working on Epoladerm, an investigational painkiller that controls osteoarthritis-related chronic pain.
Favorable Results from Toxicology and Pharmacokinetic Study
On 8th December 2021, VRPX reported positive results from the toxicology and pharmacokinetic study designed for Epoladerm. It is an investigational product candidate supplied as a topical spray film in pre-filled device to lessen pain related to osteoarthritis.
Chairman and Chief executive officer of VRPX, Anthony P. Mack, remarked that this is a critical step in the advancement of Epoladerm. These outcomes from the study will further prepare them for future clinical trials. These results highlight the safety of their spray film technology, he added.
VRPX Third Quarter 2021 Financial Results
On 15th November 2021, VRPX reported its financial results for the three and nine months ended on 30th September 2021. The company has also provided details regarding recent business developments.
Financial Highlights
For the nine months ended on 30th September 2021, the loss from operations was $7.9 million. Loss from operations was approximately $3.5 million for the first nine months ended 30th September 2020. VRPX has $9.6 million cash from operations for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2020, the cash used in operations was $1.2 million. Cash from financing activities totaled $51.3 million for the nine months ended on 30th September 2021.
General and administrative costs were $4.8 million for the nine months ended on 30th September 2021. It represents a gain of $2.5 million, or 107%, from $2.3 million for the same nine months ended 30th September 2020. For the nine months ended 30th September 2021, research and development costs grew by 160%, or $1.9 million, to $3.1 million. Research and development expenses totaled $1.2 million for the nine months ended on 30th September 2020. On 30th September 2021, the company had roughly $41.7 million in cash.
