NanoViricides, Inc. (NYSE American: NNVC) announced the closing of a registered direct offering that raised approximately $2 million in gross proceeds. The offering, priced at $1.50 per share and accompanying warrant, involved the sale of 1,333,334 shares of common stock or pre-funded warrants, along with warrants to purchase an equal number of additional shares. D. Boral Capital LLC served as the exclusive placement agent.
The capital infusion comes as NanoViricides advances its lead drug candidate, NV-387, a broad-spectrum antiviral designed to treat respiratory syncytial virus (RSV), COVID-19, Long COVID, influenza, and other respiratory viral infections, as well as MPOX, smallpox, and measles. The company is currently focused on moving NV-387 into Phase II human clinical trials.
NanoViricides’ technology is based on a proprietary nanomedicine platform licensed from TheraCour Pharma, Inc. The company’s nanoviricide drug candidates are designed to specifically target and dismantle viral particles. NV-CoV-2, the company’s COVID-19 candidate, does not encapsulate remdesivir, while NV-CoV-2-R encapsulates the FDA-approved drug remdesivir within its polymeric micelles. The company believes that the remdesivir-encapsulating candidate may have an expedited approval path if safety is comparable.
Beyond respiratory viruses, NanoViricides is developing drugs for a range of viral diseases, including oral and genital herpes, viral eye infections, H1N1 swine flu, H5N1 bird flu, seasonal influenza, HIV, hepatitis C, rabies, dengue fever, and Ebola. The company holds exclusive licenses for several human viral diseases, including HIV/AIDS, hepatitis B and C, rabies, herpes simplex, varicella-zoster, influenza, dengue, Japanese encephalitis, West Nile, Ebola/Marburg, and certain coronaviruses.
The company noted that drug development is lengthy and requires substantial capital, and there is no assurance that any of its candidates will prove effective or safe in clinical trials. The offering provides additional runway as NanoViricides seeks to advance its pipeline toward key milestones.
For more details, the full press release is available at https://ibn.fm/5O81R. Updates on NanoViricides can be found in the company’s newsroom at https://ibn.fm/NNVC.
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