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  • NanoViricides, Inc. (NNVC) Files Year End Report and Discusses Financial Strength 0 comments
    Oct 17, 2011 2:28 PM | about stocks: NNVC
    Today, NanoViricides, Inc. reported that it filed its financial year end annual report (Form 10-K) with the Securities and Exchange Commission (SEC). Nano Viricides estimates that its year-end cash in hand should be sufficient for an additional eighteen months or more of operational expenses. The company also believes that its finances are sufficient enough to advance its drug pipeline further into the FDA approval process.

    NanoVircides had cash, cash equivalents and prepaid expenses balances totaling approximately $9.556 million at the end of June 2011. As of one year ago, the company reported a total balance of $7.456 million. This year, the company spent $4.156M in R&D and $2.273M in general and administrative costs in the reporting period.

    The Company believes that it has a robust, strong, and broad drug pipeline that is quickly advancing towards clinical trials. After the financial year-end, NanoViricides declared a clinical candidate in its anti-influenza program, FluCide™. FluCide™ is a single drug in development against all forms of influenza A, including bird flu, high path influenzas, epidemic influenzas, seasonal influenzas, and potentially any novel influenza A strains. The company also reported significant progress in achieving cGMP manufacturing capability for other drug candidates. Looking ahead, Nano Viricides will be working diligently towards filing a pre-IND application (pre-Investigational New Drug) with the FDA for FluCide.

    “We have continued to obtain very strong results in our pre-clinical studies,”said Anil R. Diwan, PhD, President and Chairman of the Company, adding,“The financing we have accomplished is now enabling us to move these drugs towards FDA regulatory approval. The pre-IND application for Influenza will enable us to have a dialog with the FDA for furthering the drugs into an IND stage.”

    “We have also taken steps to enable cGMP manufacturing of drug candidates with limited capital costs to the Company,”, said Eugene Seymour, MD, MPH, CEO of the Company, adding,“We believe we now have the financial ability to overcome the remaining hurdles in pushing our drug candidates into the FDA regulatory process.”

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    Stocks: NNVC
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