Development-stage drug manufacturer, NanoViricides (OTCBB:NNVC), announced Monday it will lease a laboratory facility from Inno-Haven LLC for the production of its nanoviricides drug candidates.
NanoViricides uses nanomaterials to develop its nanoviricide class of drugs, which are designed to attack enveloped virus particles and dismantle them. The company is in the process of developing new drugs to work against a variety of viral diseases, including HIV, Hepatitis C, Dengue fever and the Ebola virus, among others.
The West Haven, Connecticut-based company's current facilities cannot produce sufficient amounts of the nanoviricides drug candidates that it requires for upcoming toxicological studies. Should these studies be successful, further materials will be needed for the drugs to move into human clinical trials.
NanoViricides said the urgency of a new facility comes after a recent pre-clinical animal study for its new FluCide drug showed superior results.
The U.S. FDA requires materials to be produced under current Good Manufacturing Practices (cGMP), with which the new facility complies. The company has the option to purchase the productionf facility.
Inno-Haven is owned by NanoViricides founder, president and chairman, Dr. Anil R. Diwan, who will fund the lease from his personal savings, borrowings and the sale of his own NanoViricides stock.
"This is the least dilutive way to obtain the cGMP manufacturing and lab space we need while avoiding capital expenditure from the company's current cash reserves," said CEO, Dr. Eugene Seymour.
"We are now on our way to clearing a major hurdle in our path towards FDA submissions and human clinical development of our drug candidates."