NanoViricides, Inc. Responds to Baseless Seeking Alpha Article
February 11 2014 - 1:29PM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the “Company”) responded to
a baseless and inaccurate article posted on Seeking Alpha, a stock
market analysis website, which obtains content from its
members.
The article was filed anonymously by a person who identifies
self as being short on NNVC stock and calls self “Pump Terminator”.
Clearly the person has vested interests. The article refers to a
“Whistleblower Document” and “Smoking Gun” as the source of the
information posted in the article. The source document is a serial
complaint filed by a single shareholder in the United States
District Court of Colorado, a complaint which the same shareholder
brought three times in Nevada state court and which was dismissed
twice and which has been amended a total of seven times. The
Colorado Complaint had been previously dismissed and NanoViricides
has moved to dismiss the current complaint again. Noteworthy is
that the Plaintiff’s attorney has asked the Colorado court to
withdraw from the case.
Moreover, as it has done on each filing of the complaint, the
Company denies the allegations in the complaint as well as the
factual inconsistencies in the article. Each and every alleged
covert and self-serving action was undertaken in compliance with
all appropriate legal and disclosure requirements. Each transaction
was believed to be fair and in the best interests of the Company’s
shareholders and reported by the Company in its filings with the
Securities and Exchange Commission. In addition, the Company is
always mindful of its expenditures and believes that the
compensation paid to its officers to be reasonable and its costs to
have been immensely conservative given the number of drugs the
Company has developed in its pipeline.
Dr. Seymour, the founder and Chief Executive Officer of
NanoViricides, stated, “We are outraged at this unfounded and
intentional attempt at deflating the Company’s stock price. We will
have a more detailed response, in the near future, once we
determine our options, including all legal action to determine the
identity of the author, but we want to assure our shareholders and
the market that the Company’s purpose is the same as always - to
eradicate life-threatening viruses and increase shareholder
value.”
Dr. Diwan, founder, President and Chairman of the Board
commented, “This is a shameless attack from someone who neither
understands the science nor the development work that has gone into
nanoviricides® drug candidates. With very little money we have
built a rich pipeline of drug candidates that are now getting
closer to the clinic. I have personally taken high risks in making
certain that the Company can continue to advance by undertaking the
building of a highly specialized cGMP manufacturing facility at a
time when NanoViricides did not have sufficient funds to be able to
commit to this critical venture. All of the biological testing of
our drug candidates is conducted by third parties. We are very
happy to note that our drug candidates have been found to be safe
and highly effective, and therefore worthy of clinical
development.”
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.
NanoViricides, Inc.Amanda Schuon, 310-550-7200info@nanoviricides.com
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