Virpax Pharma (NASDAQ:VRPX) stock is rocketing higher on Tuesday after getting a written response from the U.S. Food and Drug Administration (FDA) concerning its MMS019 anti-viral barrier product.
Here’s everything investors in VRPX stock need to know about today’s news.
- The response from the FDA is for the company’s pre-investigational new drug and opens the way for Virpax Pharma to submit a New Drug Application (NDA) for MMS019.
- This would allow it to be used as a once-daily intranasal treatment to protect against “inhibition of viral replication of SARS-CoV-2 and influenza in animals.”
- According to a press release, Virpax Pharma is considering submitting its NDA to the Office of Non-Prescription Drugs.
- It’s also working with Syneos Health to develop clinical trials based on an optimal timeline.
- This news has VRPX stock seeing heavy trading with some 118 million shares on the move as of this writing.
- That’s a massive surge compared to the company’s daily average trading volume of about 2.3 million shares.
Anthony Mack, chairman and CEO of Virpax Pharma, said this about the news sending VRPX stock higher today.
“We are very pleased with the response from the FDA. We believe that the initial pathway to move forward with the development of MMS019 has been clarified. As our development program proceeds, we will define the strategy for our drug-device combination product candidate, MMS019, for use in an over-the-counter setting as we look to support a consumer-friendly OTC indication.”
VRPX stock was up 280.7% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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