Virpax Pharmaceuticals Engages Dr. Pardeep Gupta to Assist in Development of Company’s Lead Asset, Probudur™

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 anti-viral indications, today announced that it has engaged Dr. Pardeep Gupta, a leading expert in liposomal drug delivery and nanotechnology, to support the development of Probudur, Virpax’s proprietary patented long-acting injectable liposomal bupivacaine for postoperative pain management. Dr. Gupta’s involvement is expected to include advising on chemistry, manufacturing and controls (CMC), technology transfer and buildout required for commercialization of Probudur.

Pardeep Gupta, Ph.D., currently serves as Professor, Burroughs Wellcome Chair, Director Industrial Pharmacy Laboratory at the Philadelphia College of Pharmacy at St. Joseph’s University in Philadelphia. Dr. Gupta spent over 30 years at the Philadelphia College of Pharmacy, teaching undergraduate and graduate courses in controlled drug delivery systems, pharmaceutical solutions, drug stability, drug diffusion and pharmaceutical rate processes. His academic research over this time has focused on the delivery of proteins and poorly soluble drugs. Among the current projects in his laboratory are studies in the area of nanoparticle-based protein delivery systems, use of amphiphilic peptides as stabilizers of nanosuspensions, and design of peptide drugs.

Dr. Gupta has served on the editorial board of Remington-The Science and Practice of Pharmacy and has also authored several chapters in Remington and other reference books. He received his doctorate degree in pharmaceutics from the University of Wisconsin-Madison.

“We are very fortunate to have Pardeep join our team in the development of Probudur. He is a world-renowned expert in liposomal delivery and nanotechnology. As we move forward in assembling our IND package for our lead product candidate Probudur, it was critical for us to have someone with Dr. Gupta’s expertise and knowledge advise on everything from the IND submission to commercial manufacturing. We welcome Dr. Gupta to the team and look forward to his many contributions,” stated Anthony P. Mack, Chairman and CEO of Virpax.

About Probudur™

Probudur is a drug product candidate based on a type of liposomal delivery system with large multi-vesicular vesicles (LMVVs) encapsulating a very high dose of the local anesthetic bupivacaine in a unique way, intended to provide improved onset, duration and peak performance properties. With early studies indicating it can potentially provide pain control for up to 96 hours, the formulation has shown the potential to reduce reliance on opioid pain management to improve quality of care and hospital economics.

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 virpaxpharma.com and follow us on Twitter, LinkedIn and YouTube.

Forward-Looking Statements

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; the Company’s 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 the Company’s business and results of operations; the timing, cost and uncertainty of obtaining regulatory approvals for the Company’s product candidates; the Company’s ability to protect its 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 product candidates; the Company’s ability to continue to obtain capital to meet its long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete clinical trials that the Company plans 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 the Company files 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.

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Betsy Brod

Affinity Growth Advisors

betsy.brod@affinitygrowth.com

212-661-2231