|NanoViricides Files Quarterly Report |
WEST HAVEN, Conn., Feb 15, 2012 (BUSINESS WIRE) -- NanoViricides, Inc. (the
"Company"), has filed its quarterly report with the Securities and Exchange
Commission yesterday, February 14th, in a timely fashion.
The Company reported that it had approximately $12.099M in cash and cash
equivalents, and approximately $322,880 in prepaid expenses as of December 31,
2011, the end of the reporting quarter. The shareholder equity stood at
approximately $12.388M. In comparison, the Company had approximately $10.879M in
cash and cash equivalents, approximately $321,900 in prepaid expenses and other
cash equivalent assets, and $11.386M in shareholder equity as of September 30,
2011. The Company spent approximately $1.012M in Research and Development
expenses (R&D) and approximately $325,600 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.
Subsequently, the Company has raised an additional $2.5M from Seaside 88, LP, a
Florida limited partnership ("Seaside"), upon Seaside's exercise of their option
to purchase the Company's Series B Preferred Stock, as previously disclosed on
February 9, 2012.
The Company estimates that it currently has sufficient cash in hand to support
operations for more than two years from reported period at the current rate of
expenditure. The Company has neither any long term debt, nor any short term debt,
other than small working capital accounts payables.
The Company reports that all of its drug development programs are progressing
The Company has previously announced that it has filed a pre-IND Meeting request
to the US FDA for its clinical drug candidate, namely NV-INF-1, under its
FluCide(TM) anti-influenza nanoviricides program. The Company has reported that
it has also filed certain briefing documents to support this meeting request to
The Company continues to have further discussions with the consultant firm it has
retained for regulatory affairs, Biologics Consulting Group, Inc., to formulate
its national as well as international product development strategy for this
anti-influenza drug candidate.
The Company is in the process of making arrangements to enable the cGMP
manufacture of kilogram quantities of its clinical drug candidates without
capital costs to the Company.
With the current strong cash position, the Company believes that it has
sufficient funding available to perform Toxicology Package studies, and
additional animal efficacy studies, to move at least one of our drug candidates
into an Investigational New Drug Application ("IND") with the US FDA.
The Company currently has five commercially important drug candidates in its
pipeline. These include FluCide(TM), HIVCide(TM), HerpiCide(TM), DengiCide(TM),
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(TM) ("Accurate Drug In Field"(TM)) technologies which promise
a way to attack novel viruses, whether man-made (bioterrorism) or natural (such
as SARS), before they cause a pandemic.