Reported Earlier, Virios Therapeutics Prices $1.7M Public Offering Of 8.5M Common Stock To Commence Preparations For Planned IMC-2 Long-COVID Phase 2b Study At $0.20/Share
Portfolio Pulse from Benzinga Newsdesk
Virios Therapeutics (NASDAQ: VIRI) has announced the pricing of its public offering of 8.5 million shares at $0.20 per share, aiming to raise approximately $1.7 million. The funds will be used for preparatory activities for the IMC-2 Long-COVID Phase 2b study and general corporate purposes. The offering is expected to close on May 22, 2024.
May 20, 2024 | 4:43 am
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Virios Therapeutics has priced its public offering of 8.5 million shares at $0.20 per share, aiming to raise $1.7 million. The funds will be used for the IMC-2 Long-COVID Phase 2b study and general corporate purposes.
The announcement of a public offering typically leads to a short-term decrease in stock price due to dilution of existing shares. However, the funds raised will support the company's Long-COVID study, which could be beneficial in the long term.
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