NanoViricides Raises Approximately $7.5 Million Upon Exercise of Certain Old Warrants by Its Long Standing Investors
September 08 2014 - 7:00AM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the "Company") reported
today that it has raised approximately $7.48 Million dollars due to
the exercise of certain old warrants (see below) by its existing
warrant holders.
These old warrants were issued to long standing investors of the
Company, many of who have been repeat investors, in certain private
placements performed by the Company between 2005 and 2009.
“We now have nearly $45 Million cash in hand, after this warrant
exercise. This strong cash position now enables us to purchase the
new modern R&D Lab and cGMP Clinical Production facility in
Shelton, CT, without affecting any of our developmental programs
including FluCide™ and DengueCide™, or any of our R&D programs,
including the newly restarted Ebola antiviral nanoviricide®
program,” said Eugene Seymour, MD, MPH, CEO of the Company, adding,
“We are grateful for the support of our long standing investors
that continue to show strong faith in the Company.”
These old warrants were extended previously and were due to
expire on August 15, 2014. The price of these old warrants was
adjusted to $3.50 per share, and the number of the warrants was
adjusted to 1 for each 3.5 previous warrants, concomitant with the
Company’s “uniform reverse split” of its common stock, performed in
September, 2013.
The Company had filed a registration statement on Form S-3, on
July 17, 2014, registering an aggregate of 3,071,986 shares of its
common stock that would be issuable in the event of full exercise
of these old warrants previously issued by the Company in various
private placement offerings between 2005 and September 2009, as
described more fully in the Form S-3 (the “Old Warrants”).
The Company informed the warrant holders about the expiration
date of the warrants and the Company’s intention to file a
Registration Statement to register said warrants, and later
informed them when the registration statement became effective on
August 1, 2014. A substantial portion of the warrants were
exercised by the warrant holders prior to the expiration date,
amounting to approximately $7.48 Million. The old warrants not
converted prior to August 15, 2014 have lapsed.
No investment brokers or agents were retained in this process,
and no commissions or fees were paid other than the communication,
administration and legal expenses as incurred by the Company.
Details about the warrant conversion have been filed on a Form 8-K
with the SEC on Friday, September 5, 2014.
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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