Virios Therapeutics is preparing for an initial public offering (IPO) following a filing with the U.S. Securities and Exchange Commission (SEC).
Source: Shutterstock
Here’s what potential investors need to know about the upcoming Virios Therapeutics IPO.
- The company made a confidential filing with the SEC concerning the IPO on July 24.
- It then made a public filing today.
- It’s seeking to raise as much as $35 million from the IPO.
- The company doesn’t reveal the price of its stock in the IPO.
- What it does reveal is it plans to trade its stock on the Nasdaq using the “VIRI” stock ticker.
- Virios Therapeutics will have ThinkEquity acting as the only bookrunner for the IPO.
- It’s still unclear when the IPO will take place.
- The company is based out of Alpharetta, Ga. and was founded back in 2012.
- Its main focus is IMC-1, which is a treatment for treating fibromyalgia.
- It’s already seen positive results from a Phase 1 trial of the treatment and is planning for a Phase 2 trial starting early next year.
- The company’s financial data for the first six months of 2020 includes a net loss of $1.1 million, which is a 10% reduction year-over-year (YoY).
- It also reported operating expenses increasing 5% YoY to $900 million in the first six months of the year.
- Finally, the company’s cash burn for the first half of 2020 is sitting at $1 million.
- That’s a 6% increasing cash burn compared to the first six months of 2019.
As of this writing, William White did not hold a position in any of the aforementioned securities.
