NanoViricides Reports that its Director Dr. Milton Boniuk, a Director, Has Invested $5M into the Company in a Convertible Deb...
July 02 2014 - 7:00AM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the “Company”) reported
today that Milton Boniuk, MD, the Caroline F. Elles Chair Professor
of Ophthalmology at Baylor College of Medicine, and a Director of
the Company, has invested $5M in the Company in the form of a
convertible debenture (the “Debenture”).
Dr. Boniuk said that his confidence in the Company has only
continued to grow as he sees the Company’s management and execution
now from a closer perspective, in his role as a Director.
Professor Boniuk has also invested in the Company in earlier
rounds of financing. The new financing brings the total financing
provided by him to $12 Million to date. These investments were made
both personally as well as from his charitable foundation and other
interests. Professor Boniuk joined the Company’s Board as an
independent director in May 2013, at the request of the Company’s
executives.
“My belief that the Company’s potential is nothing short of
amazing has only become stronger as I become more familiar with the
Company’s technology, programs, and achievements,” said Dr. Boniuk
when asked about his continuing investments into the Company.
The Debenture is convertible into the Company’s Common Stock at
$5.25 per share upon maturity or earlier at the investor’s option.
Until conversion, the debenture carries an interest at the rate of
10% per annum, payable in cash, with the first year’s interest
deferred and divided evenly into the remaining three years. In
addition, the Company issued 187,000 shares of its extremely
restricted Series A Preferred stock to Dr. Boniuk, as initial
interest, at the closing yesterday, on July 1. The Series A stock
is not convertible into common stock, is not tradable, and does not
carry any dividend rights, or any other financial effects, except
in certain limited circumstances.
In other news, the Company reports that NNVC was added as a
member of the U.S. small-cap Russell 2000 Index after the equity
markets closed on June 27, when Russell Investments reconstituted
its comprehensive family of global indexes. Membership in the
Russell 2000, which remains in place for one year, is based on
membership in the broad-market Russell 3000 Index. The stock was
also added systematically to the appropriate growth and value
indexes.
The Company believes that this addition of NNVC shares to the
Russell Indexes is very significant in that it will provide the
Company with much greater visibility in the institutional
investments sector.
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 is also developing an oral drug candidate against
influenza, that may be the first orally available nanomedicine.
This oral version of FluCide was also found to be dramatically more
effective than oseltamivir (Tamiflu®) in a highly lethal influenza
virus infection animal model.
In addition, NanoViricides is developing drugs 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
NanoViricides (AMEX:NNVC)
Historical Stock Chart
From Jun 2024 to Jul 2024
NanoViricides (AMEX:NNVC)
Historical Stock Chart
From Jul 2023 to Jul 2024