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NanoViricides (NNVC.OB) Offers Solid Year-End Results, Highlights Impressive Drug Pipeline

NanoViricides Inc. today announced it has filed its financial year-end annual report, citing its best financial position in its operating history.

Nano Viricides is a development-stage company focused on special purpose nanomaterials for viral therapy, including drugs against viral diseases such as H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.

The company said its solid position is partially due to its ability to control operations and maintain low expenditures. Cash-in-hand estimates demonstrate the company to be financially sufficient for another 18 months or more; the company also said it has enough financing to advance its drug pipeline within the FDA-approval process.

The company reports cash and cash equivalents balance of approximately $7 million at the end of the year ended June 30, 2010, due to successful efforts to raise approximately $3.2 million in private placements ended in September 2009, and another approximately $5 million raised from the sale of registered securities to Seaside 88 LP in May, 2010.

Nano Viricides also points to the “significant” expansion of its drug pipeline, as the company was successful in adding two new drug programs and validated drug candidates to its pipeline.

The addition of these two drug candidates, for Herpes Simplex Viruses and Dengue Viruses, brings to count five commercially important drug development programs for the company.

The company said that with these additions, the company believes it has a “robust, strong, and wide drug pipeline” that further secures its foothold in the market.

“We have continued to obtain very strong results in our pre-clinical studies even as we engage new virus targets every year,” Anil R. Diwan, PhD, president and chairman of the company stated in the press release. “This has demonstrated the strength of our technology, and enabled us to obtain further financing. We now plan to focus our work on advancing certain of our drug candidates into pre-IND applications. The pre-IND will enable us to have a dialog with the FDA for furthering the drugs into an IND stage.”

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