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NanoViricides to use consulting firm to prepare for new drug applications

|Includes:NanoViricides, Inc. (NNVC)

NanoViricides (OTCBB:NNVC) said Tuesday it has enlisted the services of Biologics Consulting Group, for the preparation and submission of investigational new drug applications to the FDA, sending the company's shares up more than 13%.

The company develops nanoviricide drug candidates using nanomaterials for the treatment of a wide variety of viral diseases. The drugs are designed to attack enveloped virus particles and to dismantle them.

Currently, it is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal flu, HIV, oral and genital Herpes, viral diseases of the eye, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.

The company's FluCide drug candidate has previously tested positively in pre-clinical animal studies to combat against flu, and NanoViricides said it is on track with the development of the product.

To facilitate the FDA review and approval process for FluCide, Biologics will advise the company on its application, and provide  assistance in the design and implementation of additional pre-clinical development activities that are necessary for the investigational new drug application.

NanoViricides has also made certain leasing arrangements for standard approved manufacturing facilities in its efforts to produce certain quantities of its drug candidates under "current good manufacturing practices" (cGMP), as necessary for the application.

Biologics is an international consulting firm whose consultants provide national and international regulatory and product development assistance for drugs, biological, and device products.

Shares of NanoViricides rose 12.6% on Tuesday to trade at $1.43 as of 1:45pm EDT.

Stocks: NNVC