Virpax Pharmaceuticals Inc (NASDAQ: VRPX) closed at $3.90 on Monday, up 0.78%. In the after-hours, the shares soared 2.56% and were trading at $4.00. VRPX has a 52-week low of $3.79, while its 52-week high is $8.24. The market capitalization of this company is $19.34 million. On Monday, the company announced its Envelta™ studies, which are Investigational New Drug (IND) Application enabled, shall also be used for two additional indications, i.e., PTSD or Post-Traumatic Stress Disorder, and cancer pain.
What goes on from here?
The company announced that the IND study performed is under Cooperative Research and Development Agreement or CRADA. It is entered into by two bodies, i.e., National Center for Advancing Translational Sciences and Virpax. NCATS has also already initiated Envelta studies to support the company’s future application meant for FDA. The study is meant for the initiation of the company’s clinical trials.
What is Envelta™?
Envelta is the investigational intranasal formulation directed towards the improvement of enkephalin transport for the brain. Enkephalin occurs naturally as a peptide, but it isn’t administered easily in originality. Envelta™, meanwhile, makes use of a preassembled cartridge and device to propel the formation of the peptide described above through way of the nose to the brain.
The shares had surged on Monday after this announcement. The investors made Virpax one of the top gainers on Monday. It is believed that Phase I Single Ascending Dose or SAD, and MAD, or Multiple Ascending Dose studies can be used commonly for three indications and can be advanced for the same.
Virpax is creating a non-addictive brand for pain management through its products using its technologies. These products will optimize and target drug delivery. As an initial plan, the company will seek approval from the FDA with the help of three patented platforms for drug delivery. Once the company submits IND-enabled studies to the FDA, they could be well used as cross-references for PTSD and cancer pains.