NanoViricides, Inc. (NYSE American: NNVC) has announced the closing of its registered direct offering, generating aggregate gross proceeds of approximately $2 million. The offering, which was priced at $1.50 per share and accompanying warrant, involved the sale of 1,333,334 shares of common stock, or pre-funded warrants in lieu thereof, along with warrants to purchase an equal number of additional common shares. D. Boral Capital LLC served as the exclusive placement agent for the transaction.
The funds are expected to support the company's ongoing development efforts, particularly for its lead drug candidate NV-387. This broad-spectrum antiviral drug is being developed as a potential treatment for respiratory syncytial virus (RSV), COVID-19, long COVID, influenza, MPOX/smallpox, and measles. NanoViricides is currently focused on advancing NV-387 into Phase II human clinical trials.
The company's technology is based on its novel nanoviricide class of drug candidates and the nanoviricide technology, which are licensed from TheraCour Pharma, Inc. under a memorandum of understanding. NanoViricides holds exclusive, sub-licensable field licenses for several antiviral applications, including HIV/AIDS, hepatitis B and C, rabies, herpes simplex, influenza, dengue, and coronaviruses, among others.
In addition to NV-387, NanoViricides is developing NV-CoV-2 (API NV-387) for COVID-19, which does not encapsulate remdesivir, and NV-CoV-2-R, which encapsulates remdesivir. The company believes that the encapsulated version may have an expedited path to approval given remdesivir's existing FDA approval. Other pipeline candidates include treatments for shingles (NV-HHV-1), oral and genital herpes, viral eye diseases, swine flu, bird flu, and Ebola.
The successful closing of this offering provides NanoViricides with additional capital to navigate the lengthy and capital-intensive drug development process. However, the company notes the inherent risks associated with pharmaceutical development, including no assurance that any candidate will demonstrate sufficient efficacy and safety for clinical advancement or eventual regulatory approval.
For further information about NanoViricides, visit the company's newsroom at https://ibn.fm/NNVC. The full press release regarding the offering can be accessed at https://ibn.fm/5O81R.
