On October 7, 2024, Virios Therapeutics, Inc. (VIRI) announced a business combination with privately-held Wex Pharmaceuticals, Inc. to form Dogwood Therapeutics, Inc. (DWTX). The name and ticker change, along with a 1:25 reverse split, took effect October 9, 2024. The new company will be focused on the advancement of three assets: Halneuron , which is currently in a Phase 2b trial for the treatment of chemotherapy-induced neuropathic pain (CINP) IMC-1, which is a Phase 3-ready asset for the treatment of fibromyalgia and IMC-2, which is currently in development to treat Long COVID. In connection with the combination, the company announced a $19.5 million debt financing that will be disbursed in two tranches: $16.5 million at closing and an additional $3 million in the first quarter of 2025. The financing is expected to fund operations through the end of 2025, with interim Phase 2b data for Halneuron expected in the second half of 2025.
