The share price of Virpax Pharmaceuticals Inc. (VRPX) dropped to $4.54 as of the last check in premarket trade, a decline of -12.36%. Virpax shares rose 13.85% on Wednesday to close at $5.18. Volume of VRPX stock was 33.3 million, which was much higher than the average volume over the last three months of 358.59K. VRPX stock traded between $4.37 and $8.49 during the session. Profit taking is likely to be behind the decline in VRPX stock as in the past session, the stock price rose after the company provided progress updates on product candidates.
What update VRPX has provided?
Virpax develops proprietary technologies that optimize target drug delivery to develop non-addictive, branded pain management products. Its three patents for drug delivery platforms are the first thing VRPX plans to submit to the US Food and Drug Administration (“FDA”) for approval. Those candidates include Epoladerm, Probudur and Envelta.
After Virpax’s initial public offering in February of 2021 and its review of its pipeline of product candidates, the company provided a progress report on those candidates yesterday.
- After its IPO, VRPX wanted to become a clinical stage company as rapidly as possible, preserve its cash, and use grants for product development if needed.
- VRPX has consistently progressed toward these goals to date.
- In order to improve manufacturing capabilities and possible patent life, VRPX is refining some formulations.
- The aim of VRPX in developing Epoladerm is to treat acute musculoskeletal pain and osteoarthritis with a metered-dose spray film formulation that contains diclofenac.
- For the management of postoperative pain, Probudur is a liposomal bupivacaine formulation that is being developed by VRPX.
- A formulation of molecular envelope enkephalin known as Envelta is being developed by VRPX as an intranasal treatment for chronic pain, including cancer-related pain.
- As part of its evaluation of additional indications, VRPX is also evaluating its proprietary delivery technologies.
- In addition, VRPX plans to initiate initial Investigational New Drug Application (“IND”)-enabling studies on several of its existing programs shortly.
- Earlier this month, VRPX submitted MMS019, their intranasal molecular masking spray, to the US Food and Drug Administration (“FDA”).
Virpax has announced that Envelta’s IND application has been enabled by clinical studies being conducted under a cooperative research and development agreement (CRADA). VRPX entered into an agreement with the National Center for Advancing Translational Sciences (NCATS) for chronic pain.
VRPX further plans:
Virpax (VRPX) plans to use the study to obtain INDs for two additional indications, cancer pain and Post-Traumatic Stress Disorder (PTSD). The NCATS has begun IND-enabling studies of Envelta to support the VRPX’s future application to the Food and Drug Administration (FDA) for clearance to begin its first-in-human clinical trials.
