NanoViricides to List Common Stock on New York Stock Exchange MKT; Company Stock Symbol Will Remain NNVC
September 23 2013 - 6:00AM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the "Company") is pleased
to announce that its common shares have been approved to list on
the NYSE MKT (the “Exchange”) and will begin trading on the New
York Stock Exchange on Wednesday, September 25, 2013. The
Company will continue to trade under the symbol "NNVC". In
connection with this listing, NanoViricides’ common stock will
cease trading on the OTC BB.
“Trading on NYSE-MKT is an important milestone for us,” said
Anil R. Diwan, PhD, President of the Company, adding, “In order to
deliver maximum benefit for our shareholders, we decided that
listing on a National Exchange was very important. We then
determined that NYSE MKT provides an ideal combination of Company
Requirements and Market Regulatory Policies that would be of great
benefit to development stage biopharma companies such as ours. We
are happy to be part of the NYSE MKT community. With a rich
platform technology that has already yielded six commercially
important drug candidates, we are very excited to move towards
human clinical trials, and look forward to a great future on the
Exchange.”
NYSE MKT is considered a premier US equities market for listing
and trading of small growth companies. NYSE MKT is a fully
integrated trading venue within the NYSE Euronext community and
leverages the NYSE's advanced and innovative market model to offer
a premier venue for listing and trading the stocks of small
companies. The venue utilizes the trading, connectivity and routing
technologies of the NYSE platform and offers superior price
discovery, superior liquidity and reduced trading volatility.
Listed companies benefit from issuer-selected Designated Market
Makers (DMM) that utilize world-class NYSE trading systems to
discover and improve prices, dampen volatility, add liquidity and
enhance value. In addition, NYSE MKT-listed companies gain access
to the brand visibility and are eligible for the issuer services
enjoyed by the NYSE Euronext community.
“We congratulate NanoViricides on their listing with NYSE MKT,”
said Scott Cutler, Executive Vice President, Head of Global
Listings, NYSE Euronext. “Our community ranges across a variety of
industries and it is always exciting for a biotech company like
NanoViricides to benefit from our platform and further support
their research and development.”
“This move to the Exchange comes at a time when the Company is
making excellent progress towards its goal of taking FluCide®, its
broad-spectrum anti-influenza drug, into human clinical trials as
soon as feasible,” said Eugene Seymour, MD, MPH, CEO of the
Company, adding, “In addition, construction of the cGMP pilot
manufacturing and R&D facility is proceeding on schedule. The
Company now has over $22M in cash that is expected to enable us to
complete the FluCide Phase I and II clinical trials. The Company
plans to move DengueCide®, a drug for dengue/dengue hemorrhagic
fever into human clinical trials following injectable FluCide.
DengueCide is in advanced pre-clinical development stage and has
already received an Orphan Drug designation from the US FDA.
Following these, we also have Oral FluCide, HIVCide, HerpeCide, and
EKCCide at various stages in preclinical development. We fully
expect these drug candidates to enter human clinical trials, based
on the strong effectiveness and safety we have seen so far.
Together these drug candidates represent a market size of over $40
Billion. In addition, we know that as a good drug becomes available
against a disease, the market size for it expands dramatically. We
look forward to realizing the great potential of our Company as we
list on the New York Stock Exchange MKT.”
The Company also announces that it has selected J. Streicher
& Co., LLC as its Designated Market Maker on NYSE-MKT.
NanoViricides Pipeline
NanoViricides is developing broad-spectrum anti-influenza drugs
as part of its rich drug pipeline. The Company believes that its
FluCide™ drug candidates will be effective against most if not all
influenza viruses, including the H7N9 bird flu, H3N2 or H1N1
epidemic viruses, H5N1 bird flu, seasonal influenzas, as well as
novel influenza viruses. This is because FluCide is based on the
Company’s biomimetic technology, mimicking the natural sialic acid
receptors for the influenza virus on the surface of a nanoviricide®
polymeric micelle. It is important to note that all influenza
viruses bind to the sialic acid receptors, even if they rapidly
mutate. The FluCide drug candidates have already shown strong
effectiveness against H1N1 and H3N2 influenza viruses in highly
lethal animal models. The injectable FluCide drug candidates have
shown 1,000X greater viral load reduction as compared to
oseltamivir (Tamiflu®), the current standard of care, in a highly
lethal influenza infection animal model. The Company believes that
these animal model results should translate readily into
humans.
NanoViricides has also developed an oral drug candidate against
influenza. This oral version is also dramatically more effective
than TamiFlu in the animals given a lethal influenza virus
infection. This oral FluCide may be the very first nanomedicine
that is effective when taken by mouth.
In addition, NanoViricides has developed drug candidates against
Dengue, HIV/AIDS, Herpes, and Ocular Viral Diseases that have shown
strong effectiveness in relevant animal and/or cell culture
models.
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating
special purpose nanomaterials for viral therapy. The Company's
novel nanoviricide® class of drug candidates are designed to
specifically attack enveloped virus particles and to dismantle
them. The Company is developing drugs against a number of viral
diseases including H1N1 swine flu, H5N1 bird flu, seasonal
Influenza, HIV, oral and genital Herpes, viral diseases of the eye
including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue
fever, and Ebola virus, among others.
This press release contains forward-looking statements that
reflect the Company's current expectation regarding future events.
Actual events could differ materially and substantially from those
projected herein and depend on a number of factors. Certain
statements in this release, and other written or oral statements
made by NanoViricides, Inc. are “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. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond the Company's control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. The Company assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Important factors that could cause actual
results to differ materially from the company's expectations
include, but are not limited to, those factors that are disclosed
under the heading "Risk Factors" and elsewhere in documents filed
by the company from time to time with the United States Securities
and Exchange Commission and other regulatory authorities. Although
it is not possible to predict or identify all such factors, they
may include the following: demonstration and proof of principle in
pre-clinical trials that a nanoviricide is safe and effective;
successful development of our product candidates; our ability to
seek and obtain regulatory approvals, including with respect to the
indications we are seeking; the successful commercialization of our
product candidates; and market acceptance of our products.
FDA refers to US Food and Drug Administration. EMA refers to the
European Union’s office of European Medical Agency.
NanoViricides, Inc.Amanda Schuon,
310-550-7200info@nanoviricides.com
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