NanoViricides Closes $2 Million Registered Direct Offering

NanoViricides, Inc. (NYSE American: NNVC) announced the closing of its previously announced registered direct offering with a single institutional investor. The offering consisted of 1,333,334 shares of common stock, or pre-funded warrants in lieu thereof, along with accompanying warrants to purchase 1,333,334 additional common shares. Priced at $1.50 per share and accompanying warrant, the offering generated aggregate gross proceeds of approximately $2 million before fees and expenses. D. Boral Capital LLC acted as exclusive placement agent for the offering.

The capital infusion comes at a critical time for the clinical-stage company, which is developing novel nanomaterial-based antiviral therapies. Lead drug candidate NV-387 is a broad-spectrum antiviral being developed to treat respiratory syncytial virus (RSV), COVID-19, Long COVID, influenza, MPOX, smallpox, and measles. The company is also advancing NV-HHV-1 for shingles. NanoViricides is currently focused on advancing NV-387 into Phase II human clinical trials.

NanoViricides' technology platform is based on intellectual property licensed from TheraCour Pharma, Inc. The company's nanoviricide drug candidates are designed to mimic host cell receptors, binding to viruses and neutralizing them. For COVID-19, the company has developed two candidates: NV-CoV-2 (API NV-387) and NV-CoV-2-R, which encapsulates the FDA-approved drug remdesivir within polymeric micelles. The company believes that since remdesivir is already approved, NV-CoV-2-R could be an approvable drug if safety is comparable.

The company's pipeline also includes treatments for herpes, viral eye diseases, influenza strains, HIV, hepatitis C, rabies, dengue, and Ebola. NanoViricides holds exclusive, perpetual licenses from TheraCour for several antiviral applications. However, the company cautions that drug development is extremely lengthy and requires substantial capital, and there is no assurance that any candidate will prove effective in clinical trials.

Investors can find the latest news and updates regarding NNVC in the company's newsroom at https://ibn.fm/NNVC.