Virios Therapeutics nosedives on pricing stock offering

Virsi-A AS

20/09/2022 10:57

** Shares of Virios Therapeutics Inc  VIRI.O  shares down
~74% to fresh record lows premarket as co raises equity after
they plunged on Mon
    ** VIRI closed down 77.2% at $2.00 after co early Mon said
its antiviral drug IMC-1 failed mid-stage study for treatment of
fibromyalgia  urn:newsml:reuters.com:*:nL4N30Q1U4
    ** Co late Mon sold 10 mln shares at $0.50 for $5 mln raise
to further advance clinical development of IMC-1  urn:newsml:reuters.com:*:nBw33Ynt6a
    ** ThinkEquity sole book-runner for offering
    ** VIRI has 8.3 mln shares outstanding, per Refinitiv data,
and ~7.4 mln of public float
    ** ~1.3 mln shares have exchanged hands as of 5:55 a.m. EDT,
making them the most actively traded across U.S. exchanges
    ** Virios went public in Dec 2020 IPO priced at $10/sh

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))