SHELTON, Conn., Nov. 20, 2017 /PRNewswire/ -- NanoViricides, Inc.
(NYSE MKT: NNVC) (the "Company") a global leader in the
development of highly effective antiviral therapies based on a
novel nanomedicines platform (the "Company"), filed its quarterly
report for its first quarter of financial year 2018 in a timely
manner with the Securities and Exchange Commission on Tuesday, November 14, 2017. The submission can be
downloaded from the SEC website at:
https://www.sec.gov/Archives/edgar/data/1379006/000114420417059130/tv478914_10q.htm.
This press release should be read in conjunction with the 10Q
filed on November 14th,
2017.
NanoViricides reported that it had approximately $13.7 Million (M) of current assets (cash, cash
equivalents, and prepaid expenses) as of September 30, 2017, the end of the reporting
period. The net cash used in operating activities during this
quarter was approximately $1.56 M.
The Company's research and development (R&D) expenditure have
decreased for the quarter but are in line with our budgeted
estimates. Shareholder equity stood at approximately $18.52M for the quarter (unaudited figures). The
Company had no revenues.
The Company also reported that the Company is now debt-free,
with the redemption of the $5,000,000
Series C Convertible Debenture, which was perfected subsequent to
the reporting period. The Company and the holder of the
Debenture, namely, the IRA of Dr. Milton
Boniuk, a director of the Company, converted the Debentures
and unpaid interest through June 30,
2018, the original maturity date, into equity, on
November 13, 2017. Additionally,
early redemption fees and charges contained in the Debenture were
waived in consideration of a payment of 150,000 shares of the
Company's Series A Convertible Preferred Stock. The Series A
preferred stock can convert into common stock only upon a change in
control of the Company. There is no market for the Series A
preferred stock. The Debenture was redeemed based upon the
Company's closing stock price on November
10, 2017. The Company believes that its agreement with the
holder to redeem the debenture at the current market value of the
Company stock, was in the best interests of its shareholders, as it
releases $5.5 Million of the
Company's cash for executing on its current business plan.
The Company estimates that it has sufficient cash in hand to
last more than one year of operations at the current rate of
expenditure after taking into account the approximately
$5M increase in available cash
subsequent to redemption of the debenture C for equity. The Company
further believes that the cash in hand is sufficient for advancing
at least one drug candidate into an IND stage (IND= Investigational
New Drug application). The Company has stated that it will be
required to raise additional capital in the near future to fund
additional drug candidates as they advance towards IND stage and
into human clinical trials.
During this quarter, the Company has reported excellent results
on efficacy of its shingles topical treatment in its HerpeCide™
program. Certain shingles drug candidates were found to be about
five times more effective than acyclovir, the standard of
treatment, in cell culture studies. These data were presented at
the 2017 Annual American Society of Virology meeting in
Madison, WI.
The same drug candidates also showed very high effectiveness in
controlling VZV (varicella zoster virus, the causative agent) in
human skin patch model for shingles in Professor Moffat's lab at
the SUNY Upstate Medical Center,
Syracuse, NY. The shingles drug candidate is now moving
towards identification of a clinical candidate for further
IND-enabling studies.
The same drug candidates were found to be highly effective in
protecting the retina from damage when infected with HSV-2, one of
the causative agents of viral acute retinal necrosis (v-ARN) in a
mouse model of the disease in the Brandt Lab at CORL, University of Wisconsin, Madison, WI. These data
were presented on November 10th at
the 2017 OMIG meeting of the American Society of Ophthalmology. The
drug candidates were tested as intra-vitreal injections, and will
require further drug development for this modality of
administration. If this development, and further studies in the
v-ARN model, are successful, the Company may add v-ARN to the
growing list of indications targeted by the HerpeCide program. The
Company is currently developing drugs against at least four
indications in this program, namely (a) HSV-1 "cold sores" skin
cream, (b) HSV-2 genital ulcers, (c) VZV (shingles) topical skin
cream, and (d) eye drops for herpes keratitis, a disease of the
external eye. The Company has continued work on its FluCide™
program at a lower priority.
The Company also stated that it has made progress towards
licensing the VZV area by initiating an independent valuation of
the assets. In addition, subsequent to the reporting period, the
Company has retained counsel for negotiating the license on its
behalf.
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 preclinical 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.