Virpax Pharmaceuticals (NASDAQ:VRPX) stock is heading higher on Monday after the preclinical-stage pharmaceutical company secured a new $2.5 million loan.
Virpax Pharmaceuticals says that this funding comes from an institutional investor. The company also notes that it used the funds to pay off the final part of a litigation settlement. There are also negotiations for additional funding.
Virpax also notes that this funding came with agreements to change its board of directors. That includes reducing the number of board members from eight to seven. Additionally, five members of the board resigned. This has them being replaced by four members chosen by the institutional investor.
Virpax Pharmaceuticals CEO Gerald Bruce said the following about the funding news:
“This loan by the institutional investor, combined with an agreement to negotiate additional funding, will allow us to continue fulfilling our mission to develop non-addictive pain drugs as well as other CNS product candidates with high unmet medical need.”
VRPX Stock Movement on Monday
News of the new funding and board changes brings with it heavy trading to VRPX stock this morning. That has more than 120 million shares traded as of this writing. It’s also well above the daily average trading volume of about 165,000 shares.
VRPX stock is up 97.4% as of Monday morning.
Investors will find more stock market news down below!
We have all of the latest stock market stories available on Monday! A few examples include what’s happening with shares of Rivian (NASDAQ:RIVN), Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA) stock today. All of this info is ready at the following links!
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
