Virpax Pharmaceuticals, Inc. has announced that it has entered into an securities purchase agreement and issued senior secured promissory note with the gross proceeds of $2,500,000 on July 5, 2024. The transaction included participation from institutional investors. The aggregate principal amount is of $2,500,000 in the transaction.

The Secured Note bears interest at the rate of 18% per annum calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall accrue daily commencing on the Original Issue Date until payment in full of this Note with the principal. The notes will matured on December 31, 2025. The company has received $2,500,000 pursuant to Regulation D and included participation from single investor.