NanoViricides, Inc. Files Quarterly Report - Reports a Strong Cash Position Sufficient for Clinical Trials of its First Two D...
February 18 2014 - 6:00AM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the "Company"), has filed
its quarterly report with the Securities and Exchange Commission on
Friday, February 14th, in a timely fashion. The submission can be
downloaded from the SEC website at
http://www.sec.gov/Archives/edgar/data/1379006/000114420414009813/v367879_10q.htm.
The Company estimates that it now has approximately $38M of
current assets plus restricted cash in hand, with the subsequent
January 21, 2014 raise, as of the date of filing. The Company
estimates that this funding is sufficient to enable us to perform
initial human clinical trials of our injectable FluCide™ drug
candidate, as well as possibly to advance our DengueCide™ orphan
drug candidate towards initial human clinical trials The Company’s
estimates are based on its current rate of expenditure and also on
certain approximate estimates for clinical development of its drug
candidate as gleaned from discussions with various contract
research organizations.
The Company reported that it had approximately $19.8M in current
assets plus restricted cash (cash, cash equivalents, collateral
advance, prepaid expenses, and security deposits) as of December
31, 2013, the end of the reporting quarter. The shareholder equity
stood at approximately $10.2M. In comparison, the Company had
approximately $22.0M in current assets plus restricted cash, and
approximately $11.75M in shareholder equity as of September 30,
2013, the end of previous quarter.
The Company spent approximately $1.13M in Research and
Development expenses (R&D) and approximately $621K in General
and Administrative expenses (G&A), including stock-based
expenses, in the reported quarter. The current rate of expenditure
was in line with the Company’s budgeted targets.
On September 25, 2013, the Company’s (new) common stock began
trading on NYSE MKT exchange under the symbol “NNVC”. The Company
had met or exceeded all of the exchange listing requirements
including Corporate Governance, after having established an
independent board of directors comprising three independent marquee
directors in addition to the two executive ex-officio
directors.
The Company reports that all of its drug development programs
are progressing satisfactorily and that it will continue to provide
updates as appropriate.
Subsequent to the reporting period, on January 21, 2014, the
Company has raised approximately $20M in a registered direct
offering. This offering grossed approximately $20M before estimated
expenses of approximately $1.2M, which includes placement agent
fees but does not include and attorneys’ fees and other expenses.
The price per unit was $5.25, with 1 unit comprising 1 share of
registered common stock and a 5-year warrant to purchase 0.65
shares at a price of $6.05. Chardan Capital Markets, LLC, acted as
lead placement agent and Midtown Partners & Co., LLC was the
co-placement agent in connection with the offering.
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating
special purpose nanomaterials for antiviral 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.
NanoViricides, Inc.Amanda Schuon,
310-550-7200info@nanoviricides.com
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