NanoViricides (NYSE American: NNVC), a development-stage company that is creating special purpose nanomaterials for antiviral therapy, filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, on September 27, 2024. The company reported cash and cash equivalents of $4.97 million, approximately $7.5 million in Net Property and Equipment (“P&E”) assets (after depreciation), and total current liabilities of approximately $1.36 million as of June 30, 2024. During fiscal 2024, the company utilized net cash of approximately $6.31 million for operating activities, including certain expenditures for Phase 1a/1b clinical trial of NV-387 and drug manufacturing costs for this clinical trial.
NanoViricides also raised net proceeds of $3.12 million in an At-the-Market (“ATM”) offering and an additional raise of approximately $1.53 million after June 30, 2024, under the ATM. The company’s available line of credit provided by founder and President Dr. Anil Diwan was increased to $3 million from $2 million.
The company noted the significant progress made in the regulatory advancement of NV-387, a potentially revolutionary antiviral drug, having completed a Phase Ia/Ib clinical trial in healthy subjects in December 2023. The company plans to advance NV-387 into Phase II clinical trials during fiscal 2025.
To view the full press release, visit https://ibn.fm/oic2z
About NanoViricides Inc.
NanoViricides is a development-stage company that is creating special purpose nanomaterials for antiviral therapy. The company’s novel nanoviricide(TM) class of drug candidates and the nanoviricide(TM) technology are based on intellectual property, technology and proprietary know-how of TheraCour Pharma, Inc. The company has a Memorandum of Understanding with TheraCour for the development of drugs based on these technologies for all antiviral infections. The MoU does not include cancer and similar diseases that may have viral origin but require different kinds of treatments. The company has obtained broad, exclusive, sub-licensable, field licenses to drugs developed in several licensed fields from TheraCour Pharma, Inc. The company’s business model is based on licensing technology from TheraCour Pharma Inc. for specific application verticals of specific viruses, as established at its foundation in 2005. NanoViricides’ lead drug candidate is NV-387, a broad-spectrum antiviral drug that the company plans to develop as a treatment of RSV, COVID-19, Long COVID, influenza, and other respiratory viral infections, as well as MPOX/Smallpox infections. The company is currently focused on advancing NV-387 into Phase II human clinical trials. NanoViricides’ other advanced candidate is NV-HHV-1 for the treatment of Shingles. The company cannot project an exact date for filing an IND for any of its drugs because of dependence on a number of external collaborators and consultants. NV-CoV-2 (“API NV-387”) is the company’s nanoviricide drug candidate for COVID-19 that does not encapsulate remdesivir. NV-CoV-2-R is NanoViricides’ other drug candidate for COVID-19 that is made up of NV-387 with remdesivir encapsulated within its polymeric micelles. For more information about the company, visit www.NanoViricides.com.
NOTE TO INVESTORS: The latest news and updates relating to NNVC are available in the company’s newsroom at https://ibn.fm/NNVC
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