WEST HAVEN, CONNECTICUT -- February 23, 2010 -- NanoViricides, Inc. (OTC BB: NNVC) (the "Company"), has filed its quarterly report with the Securities and Exchange Commission on Friday, February 18th, in a timely fashion.
The Company reported that it had approximately $9M in cash and approximately $560,000 in prepaid expenses and other cash equivalent assets as of December 31, 2010, the end of the reporting quarter. The shareholder equity stood at approximately $9.367M. In comparison, the Company had approximately $7.68M in cash, $486,000 in prepaid expenses and other cash equivalent assets, and $8.03M in shareholder equity as of the quarter ended September 30, 2010. The Company spent approximately $1.12M in Research and Development expenses (R&D) and approximately $384,000 in General and Administrative expenses (G&A) in the reported quarter. The Company’s rate of cash expenditure was in line with the Company’s budgeted targets.
The Company has previously announced that Seaside 88, LP, a Florida limited partnership (“Seaside”), exercised their second option to purchase an additional $2.5M of the Company’s Series B Convertible Preferred Stock. This amounted to net proceeds of approximately $2.295M to the Company after expensing commissions and legal fees. The Series B Preferred Stock is convertible into a number of shares of the Company’s common stock every two weeks. The converted shares are estimated to represent less than five percent of the 10-day trading volume of the Company’s stock (OTC BB: NNVC.OB), based upon current data. The Company anticipates that the conversion of Seaside owned Series B preferred stock will be completed by the end of March, 2011.
The Company estimates that it currently has sufficient cash in hand to achieve the budgeted objectives for over 18 months of operations. The Company has neither any long term debt, nor any short term debt, other than small working capital accounts payables.
The Company reports that all of its drug development programs are progressing satisfactorily. The Company currently has five commercially important drug candidates in its pipeline. These include FluCide™, HIVCide™, HerpiCide™, DengiCide™, and a broad-spectrum nanoviricide eye drop formulation against viral infections of the eye. These programs are based on the Company’s platform technology that enables specifically targeting a particular type of virus. In addition, the Company continues its other research and development programs. These include (a) broad-spectrum nanoviricides against a number of Neglected Tropical Diseases, and (b) its novel ADIF™ (“Accurate Drug In Field”™) technologies which promise a way to attack novel viruses, whether man-made (bioterrorism) or natural (such as SARS), before they cause a pandemic.