Virpax Pharmaceuticals Announces Results of Special Shareholders Meeting

Virpax Pharmaceuticals, Inc. (“Virpax” or the “Company”) (NASDAQ: VRPX), a company specializing in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders and anti-viral barriers, today announced the results of the Special Meeting of Shareholders held on December 28, 2023.

The Virpax stockholders approved an amendment to the certificate of incorporation, at the discretion of the Board of Directors of the Company, to effect a reverse stock split. The Company only intends to effect the reverse split to maintain compliance with the $1.00 minimum price bid requirement for continued listing on Nasdaq. The Company will announce the reverse stock split ratio between a range of 1-to-2 to 1-to-20, and the anticipated effective date of the reverse stock split at a later time, if the minimum bid price requirement has not been met during the compliance period ending April 8, 2024.

The proposals regarding the amendment to the 2022 Equity Incentive Plan and the adjournment of the 2023 Special Meeting to permit further solicitation and vote of proxies did not receive sufficient votes for approval.

About Virpax Pharmaceuticals

Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms. Probudur is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain and Envelta is an intranasal molecular envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET) to develop two other product candidates. PES200 is a product candidate being developed to manage post-traumatic stress disorder (PTSD) and NobrXiol is a product candidate being developed for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of rare pediatric epilepsy. Virpax has competitive cooperative research and development agreements (CRADAs) for all three of its prescription drug candidates, two with the National Institutes of Health (NIH) and one with the Department of Defense (DOD). Virpax is also seeking approval of two nonprescription product candidates: AnQlar, which is being developed to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm, which is a topical diclofenac spray film formulation being developed to manage pain associated with osteoarthritis. For more information, please visit virpaxpharma.com and follow us on Twitter, LinkedIn and YouTube.