SHELTON, Conn., Jan. 25, 2016 /PRNewswire/ -- NanoViricides, Inc.
(NYSE MKT: NNVC) (the "Company"), a leading nanomedicine company
developing anti-viral drugs, reported that its 2015 Annual
Shareholders Meeting was held on January 23,
2016, at 10am ET at the
Sheraton Hotel in Stamford,
CT.
All of the members of our Board of Directors attended the
meeting in person. Due to the snow storm, there was limited
investors attendance, and several investors let the Company know
that they had planned to attend but were unable to do so due to the
severe weather. Shareholder votes were received by proxies as is
customary, and in-person attendance was not required for
voting.
The Business Meeting began at about 10am. Anil Diwan, PhD, Dr. Milton Boniuk and Professor Mukund Kulkarni were all re-elected as Class I
Directors, each for a two-year term expiring at the 2017 annual
meeting of stockholders and until each of their respective
successors are duly elected and qualified or until each of their
respective earlier resignation or removal. Also, the appointment of
Eisner Amper LLP as the Company's independent registered public
accounting firm for the fiscal year ending June 30, 2016, was ratified. There being no
further business, the Business Meeting was adjourned.
Thereafter, Dr. Eugene Seymour,
CEO, and Anil Diwan, PhD, President, each gave presentations
discussing the Company's accomplishments and future goals.
Emphasis was placed on the Company's upcoming transition from an
R&D and "pre-clinical proof of concept" stage company to a true
clinical-stage pharmaceutical company which could market its drugs
on its own, thus maximizing potential value.
"We are now a completely different Company than we were two
years ago," said Dr. Diwan, President of the Company, adding, "Our
recently completed c-GMP Manufacturing capability enables rapid
translation of our drug candidates into the clinic, and should save
us millions of dollars in cash and years of time for each drug
candidate that we will be moving into human clinical trials."
Dr. Seymour also explained that although the Company has been in
existence for over 10 years, it is only in the past two years, with
the advent of the uplisting to the NYSE-MKT, the raising of over
$43M in that process, and the
extensive hiring of skilled scientists, that the Company is now
poised to progress towards its goal of drug commercialization.
"Our new facility should enable early revenues estimated to be
as high as $50M to $500M when our
first drug candidate is marketable," said Dr. Seymour, CEO, adding,
"This opens up the possibility that we could build a stand-alone
pharmaceutical company, without dependence on big pharma
collaborations. We would retain all of the income and maximize
shareholder value if we become an independent pharma company."
The Company also detailed that it has chosen to focus on its
HerpeCide™ program drug candidates, following successful animal
studies that exhibited 85% to 100% survival of lethally infected
animals with the severe HSV-1 H129 neurotropic strain.
The Company believes that it will pursue four different drug
indications against various herpesvirus diseases that can benefit
from topical treatments. These indications include (a) Ocular
Herpes Keratitis (primarily HSV-1), (b) Herpes "Cold Sores" (HSV-1)
(c) Herpes Genital Lesions (HSV-2), and (d) Shingles (HHV-3, aka
VZV or the chickenpox virus, a related herpes virus). This expands
the Company's drug pipeline significantly.
Studies for the identification of clinical lead drug candidates
against these four indications are now being pursued. Additional
collaborations as needed for performing the IND-enabling studies in
these indications are being set up with renowned institutions, and
will be disclosed as they are finalized, reported the Company.
The Company believes that these topical drug programs would move
more rapidly towards the clinical stage than the systemic
Injectable FluCide™ for hospitalized patients. IND-enabling work on
the latter (i.e. FluCide) will continue in parallel.
The Company estimates that about 200g to 500g batch production
scale should be sufficient for the pre-clinical studies,
safety/toxicology or "tox package" studies, and also for the
initial human clinical trials, of each of the topical herpes drug
candidates.
The presentations were followed by discussions with investors.
There was discussion that adding high level executives skilled in
drug commercialization and large pharma relations would become
necessary as the Company progresses into human clinical trials. The
annual meeting of shareholders was adjourned around 1:30pm. A Board of Directors meeting followed the
annual meeting of shareholders.
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.
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SOURCE NanoViricides, Inc.