NanoViricides, Inc. Reports its President & Chairman Dr. Diwan Purchased its Common Stock in the Open Market
February 26 2014 - 7:00AM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the "Company"), reports
that its President & Chairman Dr. Anil Diwan has purchased its
common stock in the open market after the Company filed its
quarterly report. Dr. Diwan has repaid $83,900 to the Company as a
result of the “short term profits” accrued from this
transaction.
“It was very painful to see that our shareholders lost value
because of a baseless defamatory article published by an admitted
short seller on Seeking Alpha,” said Dr. Diwan, adding, “I have
previously purchased stock when a similar precipitous price drop
had occurred in February, 2013, despite the fact that the Company
was progressing well in its goals. Last week, I purchased NNVC
stock after the Company had already filed the quarterly report in
order to signify that we, the executives, have full faith in the
Company. This was not a transaction for personal profit.”
Dr. Diwan originally purchased the Company stock as reported in
February, 2013. Subsequently, he sold a portion of these open
market acquired common shares as reported on October 21, 2013,
without any consideration of a future repurchase. Nevertheless, he
repurchased 50,000 shares of NNVC, for reasons cited above, and as
reported on Form 4 filed on February 24, 2014. On Monday, February
24, 2014, the Company’s Corporate Counsel advised Dr. Diwan that
this repurchase fell within the limitations of Section 16(b) of the
Securities and Exchange Act of 1934, which relates to “short term
sales” by “insiders” of a public reporting Company. The net profits
from the sale at a higher price and the later repurchase at a lower
price were determined to be $83,900. As a result, Dr. Diwan has
disgorged the resulting net profits of $83,900 to the Company on
Tuesday, February 25, 2014.
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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