NanoViricides, Inc. (NYSE American: NNVC) announced the closing of its previously disclosed registered direct offering, generating aggregate gross proceeds of approximately $2 million before fees and expenses. The offering involved the sale of 1,333,334 shares of common stock, or pre-funded warrants in lieu thereof, along with accompanying warrants to purchase an additional 1,333,334 common shares at an exercise price of $1.50 per share. D. Boral Capital LLC served as the exclusive placement agent.
The company, a clinical-stage developer of nanomaterials for antiviral therapy, plans to use the funds to advance its pipeline, including lead drug candidate NV-387. NV-387 is 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. NanoViricides is currently focused on moving NV-387 into Phase II human clinical trials.
Other advanced candidates include NV-HHV-1 for shingles and NV-CoV-2 (API NV-387) for COVID-19, which does not encapsulate remdesivir. The company also has NV-CoV-2-R, which encapsulates remdesivir and is believed to have an approvable path given remdesivir's FDA approval. NanoViricides is independently developing both candidates.
The company's platform technology is based on TheraCour's nanomedicine technology, licensed exclusively for multiple viral diseases including HIV/AIDS, hepatitis B and C, rabies, herpes, influenza, dengue, Ebola, and certain coronaviruses. NanoViricides holds a perpetual license for these indications and intends to obtain licenses for RSV, poxviruses, and enteroviruses pending successful research.
Despite the funding and pipeline progress, the company acknowledges the inherent risks of drug development, noting that the path to approval is lengthy and capital-intensive. There is no assurance that any candidate will demonstrate sufficient safety and efficacy in clinical trials or reach the market.
Investors can find the latest news and updates on NanoViricides at the company’s newsroom at https://ibn.fm/NNVC. The full press release detailing the offering is available at https://ibn.fm/5O81R.
