NanoViricides (OTCBB:NNVC) said Monday it has enought cash on hand to advance its drug pipeline through the FDA approval process.
The anti-virus vaccine-focused pharmaceutical company released its annual report today, where it posted cash on hand of $9.56 million for the year ending June 30, up 28 percent from $7.46 million a year ago.
Throughout the year, NanoViricides spent $4.16 million in research and development expenses, up 23 percent from $3.37 million in 2010. General and administrative expenses rose 31 percent to $2.27 million.
NanoViricides said it will raise $2.5 million by year-end to advance its drug pipeline, as it sells its Series B Convertible Preferred Stock to Seaside 88 LP. To date, Seaside has funded the company $15 million.
Currently, NanoViricides has five drug development programs in its pipeline, including FluCide, a vaccination program against all forms of influenza, including bird flu, high path flus, seasonal flus, and epidemic flus, and HIVCide, a drug that works against the HIV/AIDS virus, which the company says could become a 'functional cure' for the disease.
NanoViricides president, Dr. Anil R. Diwan, said: "We have continued to obtain very strong results in our pre-clinical studies. 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."
In early September, the company announced it had selected its first clinical candidate from its anti-flu program for FDA submission.
The candidate, termed NV-INF-1, is part of its FluCide drug program, which is designed to specifically attack enveloped virus particles and to dismantle them.
CEO Dr. Eugene Seymour added: "We have also taken steps to enable [current good manufacturing practices (cGMP)] manufacturing of drug candidates with limited capital costs to the company.
"We believe we now have the financial ability to overcome the remaining hurdles in pushing our drug candidates into the FDA regulatory process."