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Virios Therapeutics (NASDAQ:VIRI) Drops on Public Offering
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Virios Therapeutics (NASDAQ:VIRI) Drops on Public Offering

First Published: September 19

Shares of clinical-stage biotechnology company Virios Therapeutics (NASDAQ:VIRI) are tanking in the pre-market session today after the company announced an underwritten public offering of 10 million shares for total gross proceeds of $5 million today.

The offer is expected to close on September 22 and Virios plans to use the funds for the clinical advancement of its product candidate IMC-1 as well as for general corporate purposes.

Earlier, the stock had closed lower after IMC-1 did not show statistical significance in the primary endpoint in the FORTRESS study.

The trial was for the evaluation of oral IMC-1 for the treatment of fibromyalgia. Overall, the drug was well-tolerated.

R. Michael Gendreau, M.D., Ph.D., and the Chief Medical officer of Virios commented, “Overall, the efficacy data from this trial were not what we had expected. We will continue to explore IMC-1’s potential as a viable FM treatment option.”

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