NanoViricides Files Quarterly Report
NanoViricides Files Quarterly Report
NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), has filed its quarterly report with the Securities and Exchange Commission on Friday, May 20th, in a timely fashion.
The Company reported that it had approximately $7.763M in cash and approximately $523,000 in prepaid expenses and other cash equivalent assets as of March 31, 2010, the end of the reporting quarter. The shareholder equity stood at approximately $9.048M. In comparison, the Company had approximately $9M in cash, $560,000 in prepaid expenses and other cash equivalent assets, and $9.367M in shareholder equity as of the quarter ended December 31, 2010. The Company spent approximately $1.65M in Research and Development expenses (R&D) and approximately $863,000 in General and Administrative expenses (G&A) in the reported quarter. The Company’s rate of cash expenditure was in line with the Company’s budgeted targets.
The Company estimates that it currently has sufficient cash in hand to achieve the budgeted objectives through approximately 21 months of operations from reported period. The Company has neither any long term debt, nor any short term debt, other than small working capital accounts payables.
Subsequent to the reported period, the Company received additional financing from a single investor, as reported previously. The Company and Seaside 88, LP, a Florida limited partnership (“Seaside”), have entered into a new agreement to purchase up to a total of $5M of the Company’s Series B Convertible Preferred Stock. Seaside exercised their first purchase of $2.5M of the Series B Convertible stock on April 19, 2011. The Company has received $2.5M upon closing, with a net of approximately $2.35M after deducting brokerage commission and expenses. The Series B Preferred Stock is convertible into a number of shares of the Company’s common stock every two weeks. The converted shares are estimated to represent less than five percent of the 10-day trading volume of the Company’s stock (OTC BB: NNVC.OB), based upon current data. The Company anticipates that the conversion of Seaside owned Series B preferred stock will be completed by the end of September, 2011, assuming a total purchase of $5M of Series B stock by Seaside.
The Company reports that all of its drug development programs are progressing satisfactorily.
The Company recently reported that post-infection treatment with three different optimized FluCide™ drug candidates resulted in almost complete survival of animals for the duration of the study, a greater than 95% reduction in lung inflammation and necrosis, and a greater than 1000-fold reduction of viral load in the lungs of animals infected with lethal dose of influenza virus. In the same study, in contrast, animals treated with oseltamivir (Tamiflu®, Roche) died within 8.3 days, showed only a 50% reduction in lung inflammation and necrosis, and demonstrated only a 2-fold reduction in lung viral load. The Company therefore believes that it has extremely effective drug candidates against influenza. Based on this information, the Company believes that its Flucide program is on course for further development towards an IND submission to the FDA.
The Company currently has five commercially important drug candidates in its pipeline. These include FluCide™, HIVCide™, HerpiCide™, DengiCide™, and a broad-spectrum nanoviricide eye drop formulation against viral infections of the eye. These programs are based on the Company’s platform technology that enables specifically targeting a particular type of virus. In addition, the Company continues its other research and development programs. These include (a) broad-spectrum nanoviricides against a number of Neglected Tropical Diseases, and (b) its novel ADIF™ (“Accurate Drug In Field”™) technologies which promise a way to attack novel viruses, whether man-made (bioterrorism) or natural (such as SARS), before they cause a pandemic.
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.
Amanda Schuon, 310-550-7200