Virpax Pharmaceuticals, Inc. announced that effective June 20, 2023, the Board of Directors of appointed Vinay Shah to serve as the Company's Chief Financial Officer. As Chief Financial Officer, Mr. Shah will also serve as the Company's principal financial officer and principal accounting officer. On June 18, 2023, to resign from his position as the Company's Chief Financial Officer to pursue other opportunities.

Mr. Chipman will remain an employee of the Company until June 30, 2023 in order to aid in an orderly transition. Mr. Chipman's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices, including any matters concerning the Company's controls or any financial or accounting-related matters or disclosures. Mr. Shah joins Virpax from Aravive, Inc., a clinical stage biotech company, where he served for five years as the Chief Financial Officer.

Prior to Aravive, he was with Pacira Pharmaceuticals, Inc. for nine years in financial positions of increasing responsibilities. Mr. Shah has over 30 years of financial experience, successfully establishing financial functions, participating in licensing and M&A transactions, and engaging in fund raising activities. He received his BA degree from Ranchi University in India and his MBA from Arizona State University in finance.