NanoViricides, Inc. (NYSE American: NNVC) announced the closing of its previously announced registered direct offering with a single institutional investor, generating aggregate gross proceeds of approximately $2 million before fees and expenses. The offering consisted of 1,333,334 shares of common stock, or pre-funded warrants in lieu thereof, along with accompanying warrants to purchase 1,333,334 additional common shares. The offering was priced at $1.50 per share and accompanying warrant. D. Boral Capital LLC acted as exclusive placement agent for the offering. The full press release is available at https://ibn.fm/5O81R.
The capital infusion comes at a critical time for NanoViricides, a clinical stage company focused on creating special purpose nanomaterials for antiviral therapy. The company’s lead drug candidate, NV-387, is a broad-spectrum antiviral drug being developed to treat respiratory syncytial virus (RSV), COVID-19, Long COVID, Influenza, and other respiratory viral infections, as well as MPOX/Smallpox and even Measles. NanoViricides is currently focused on advancing NV-387 into Phase II human clinical trials.
The company also has other advanced drug candidates, including NV-HHV-1 for the treatment of Shingles. Additionally, NanoViricides has developed two drug candidates for COVID-19: NV-CoV-2 (API NV-387) which does not encapsulate remdesivir, and NV-CoV-2-R which encapsulates remdesivir within its polymeric micelles. The company believes that since remdesivir is already US FDA approved, the drug candidate encapsulating remdesivir is likely to be an approvable drug if safety is comparable. Remdesivir is developed by Gilead.
NanoViricides is also developing drugs against a number of viral diseases including oral and genital Herpes, viral diseases of the eye including epidemic keratoconjunctivitis (EKC) and herpes keratitis, H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, Hepatitis C, Rabies, Dengue fever, and Ebola virus. The company’s platform technology is based on the TheraCour nanomedicine technology, which is licensed from TheraCour Pharma, Inc. NanoViricides holds a worldwide exclusive perpetual license to this technology for several drugs with specific targeting mechanisms for the treatment of various human viral diseases.
The offering proceeds are expected to support the company’s ongoing research and development efforts, particularly as it prepares for Phase II trials of NV-387. The company has a Memorandum of Understanding with TheraCour for the development of drugs based on these technologies for all antiviral infections. However, as with any drug development efforts, the path to a pharmaceutical product is extremely lengthy and requires substantial capital. The company cautions that there can be no assurance at this time that any of its pharmaceutical candidates will show sufficient effectiveness and safety for human clinical development, or that successful results in the lab will lead to successful clinical trials or a successful pharmaceutical product.
For the latest news and updates relating to NNVC, visit the company’s newsroom at https://ibn.fm/NNVC.
