BERWYN, Pa. –
Virpax® Pharmaceuticals, Inc. (“Virpax” or the “Company”) (NASDAQ: VRPX), a company specializing in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders and viral barrier indications, today announced that the Company has engaged Destum Partners, Inc. to serve as the exclusive advisor for the Company’s partnering and licensing efforts in strategic global markets. This initial engagement will encompass the Company’s two over-the-counter (OTC) product candidates, Epoladerm™, indicated for osteoarthritis pain, and AnQlar™, an intranasal mucosal viral barrier. Additionally, Destum Partners will work with Virpax on identifying a partner in the animal health market for its Rx product candidate, Probudur™, a long-acting local anesthetic indicated for postoperative pain management.

“We have engaged Destum Partners to lead our global strategic partnering and licensing efforts for our two potential OTC product candidates as well as supporting Virpax in the animal health care market for Probudur,” stated Anthony Mack, Chairman and CEO of Virpax. “While we have continued to pursue potential transactions with pharmaceutical companies for all of these product candidates, we believe that to maximize value for the Company and our shareholders we would be best served by partnering with a firm that has this type of transactional experience.”

“Virpax is developing exciting innovative and proprietary drug-delivery systems across various pain and CNS disorder indications as well as a product candidate intended as a viral barrier for Covid and influenza. We look forward to working alongside the Virpax team in developing, partnering and licensing opportunities for what we believe to be a strong pipeline of drug product candidates,” commented Matthew Vanderberg, Managing Director and Partner at Destum Partners.

About Destum Partners, Inc.

Destum Partners, Inc. (www.destumpartners.com) is an advisory and consultancy firm specializing in the biopharmaceutical and life sciences industries. For more than 15 years, Destum Partners has worked with clients ranging from large, multinational Fortune 500 companies through mid-sized/early-stage companies, globally completing transactions and providing customized market research and valuations. Destum Partners is therapeutically agnostic and has completed over USD $3.75B in deal value.

About Virpax Pharmaceuticals

Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain and Envelta™ is an intranasal molecular-envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET) to develop two other product candidates. PES200 is a product candidate being developed to manage post-traumatic stress disorder (PTSD) and NobrXiol™ is a product candidate being developed for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of rare pediatric epilepsy. Virpax recently acquired global rights to NobrXiol. Virpax is also seeking approval of two nonprescription product candidates: AnQlar, which is being developed to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm™, which is a topical diclofenac spray film formulation being developed to manage pain associated with osteoarthritis. For more information, please visit www.virpaxpharma.com.

Forward-Looking Statement

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s planned clinical trials, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or the Company’s financial performance and involve known and unknown risks, uncertainties, and other factors, including the Company’s ability to successfully complete research and further development and commercialization of Company drug candidates in current or future indications; the uncertainties inherent in clinical testing; our ability to manage and successfully complete clinical trials and the research and development efforts for multiple product candidates at varying stages of development; the effects of the outbreak of COVID-19 on our business and results of operations; the timing, cost and uncertainty of obtaining regulatory approvals for our product candidates; our ability to protect the Company’s intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company’s products; our ability to continue to obtain capital to meet our long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete clinical trials that we plan to initiate; and other factors listed under “Risk Factors” in our annual report on Form 10-K and quarterly reports on Form 10-Q that we file with the U.S. Securities and Exchange Commission.. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Christopher M. Chipman, CPA

Chief Financial Officer

cchipman@virpaxpharma.com

610-727-4597

Or

Betsy Brod

Affinity Growth Advisors

betsy.brod@affinitygrowth.com

212-661-2231

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BUSINESS INQUIRIES

Virpax Pharmaceuticals, Inc.
1055 Westlakes Drive, Suite 300
Berwyn, PA 19312
610.727.4597
info@virpaxpharma.com

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Betsy Brod
Affinity Growth Advisors
betsy.brod@affinitygrowth.com

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Virpax Pharmaceuticals, Inc.
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