NanoViricides Raises $2 Million in Registered Direct Offering to Advance Antiviral Drug Pipeline
NanoViricides closes a $2 million registered direct offering with an institutional investor, providing capital to advance its broad-spectrum antiviral drug NV-387 into Phase II trials.
NanoViricides, Inc. (NYSE American: NNVC) announced the closing of its previously announced registered direct offering with a single institutional investor, generating aggregate gross proceeds of approximately $2 million before fees and expenses. The offering consisted of 1,333,334 shares of common stock, or pre-funded warrants in lieu thereof, along with accompanying warrants to purchase 1,333,334 additional common shares, priced at $1.50 per share and accompanying warrant. D. Boral Capital LLC acted as exclusive placement agent for the offering. The full press release is available at https://ibn.fm/5O81R.
The capital infusion comes at a critical time for the clinical-stage company, which is focused on creating special purpose nanomaterials for antiviral therapy. NanoViricides is currently advancing its lead drug candidate, NV-387, a broad-spectrum antiviral drug being developed as a treatment for RSV, COVID-19, Long COVID, Influenza, and other respiratory viral infections, as well as MPOX, Smallpox, and Measles. The company plans to use the funds to move NV-387 into Phase II human clinical trials. Additionally, NanoViricides has developed NV-CoV-2 (API NV-387) for COVID-19 and NV-CoV-2-R, which encapsulates remdesivir within its polymeric micelles. The company believes that since remdesivir is already FDA-approved, NV-CoV-2-R could be an approvable drug if safety is comparable.
The offering underscores investor interest in NanoViricides' platform technology, which is based on intellectual property and proprietary know-how licensed from TheraCour Pharma, Inc. The company holds broad, exclusive, sub-licensable field licenses for drugs targeting a range of viral diseases, including HIV/AIDS, Hepatitis B and C, Rabies, Herpes Simplex Virus, Varicella-Zoster Virus (Shingles), Influenza, Dengue, Japanese Encephalitis, West Nile, Ebola, and certain Coronaviruses. The company is also developing drugs for oral and genital Herpes, viral eye diseases such as EKC and herpes keratitis, and other viruses like H1N1 swine flu, H5N1 bird flu, and seasonal Influenza.
Despite the promising pipeline, NanoViricides acknowledges the inherent risks in drug development. The path to a typical pharmaceutical product is extremely lengthy and requires substantial capital. As with any drug development efforts, there can be no assurance that any of the company's pharmaceutical candidates will show sufficient effectiveness and safety for human clinical development or lead to a successful commercial product. The company cannot project an exact date for filing an Investigational New Drug (IND) application for any of its drugs due to dependence on external collaborators and consultants.
The latest news and updates relating to NanoViricides are available in the company's newsroom at https://ibm.fm/NNVC.