NanoViricides, Inc. (NYSE American: NNVC) has entered into a securities purchase agreement with a single fundamental institutional investor to raise approximately $3.8 million in gross proceeds through a registered direct offering. The offering involves the sale of 2,516,339 common shares, or pre-funded warrants in lieu thereof, along with warrants to purchase an equal number of common shares. Each full warrant carries an exercise price of $1.75 per share and expires five and a half years after issuance. The transaction is expected to close on or about July 27, 2026, subject to customary closing conditions. D. Boral Capital LLC is serving as the exclusive placement agent.
This capital infusion comes as NanoViricides focuses on advancing its lead drug candidate, NV-387, a broad-spectrum antiviral drug with potential applications against respiratory syncytial virus (RSV), COVID-19, Long COVID, influenza, and other respiratory viral infections, as well as MPOX/smallpox and measles. The company plans to move NV-387 into Phase II human clinical trials. Additionally, NanoViricides has developed two drug candidates for COVID-19: NV-CoV-2 (API NV-387) and NV-CoV-2-R, which encapsulates remdesivir within its polymeric micelles. The company believes that NV-CoV-2-R, given remdesivir's FDA approval, could be an approvable drug if safety is comparable.
NanoViricides is a clinical-stage company specializing in creating nanomaterials for antiviral therapy. Its technology is based on intellectual property and proprietary know-how from TheraCour Pharma, Inc., with which it holds a Memorandum of Understanding for developing drugs against various viral infections. The company has obtained broad, exclusive, sub-licensable field licenses for drugs developed in several licensed fields. Beyond respiratory viruses, NanoViricides is developing treatments for oral and genital herpes, viral eye diseases, H1N1 swine flu, H5N1 bird flu, seasonal influenza, HIV, hepatitis C, rabies, dengue fever, Ebola, and other viruses.
The offering provides NanoViricides with additional working capital to support its research and development pipeline, including the progression of NV-387 and other candidates. The company's platform technology, based on TheraCour nanomedicine, holds a worldwide exclusive perpetual license for several drugs targeting specific human viral diseases. Despite the promising pipeline, NanoViricides acknowledges the inherent risks in drug development, noting that the path to commercialization is lengthy and requires substantial capital. There is no assurance that any of its candidates will demonstrate sufficient effectiveness and safety for human clinical development or lead to a successful commercial product.
The news of this offering is significant for investors and the industry as it underscores NanoViricides' continued efforts to secure funding for its antiviral programs. With the global need for effective treatments against emerging and re-emerging viral threats, the company's broad-spectrum approach could have substantial implications for public health. However, the company remains subject to the typical risks of pharmaceutical development, including clinical trial outcomes and regulatory approval.
