WEST HAVEN, CONNECTICUT -- Tuesday, February 18th, 2014 -- NanoViricides, Inc. (NYSE MKT: NNVC) has filed its quarterly report with the Securities and Exchange Commission on Friday, February 14th, in a timely fashion. The submission can be downloaded from the SEC website at http://www.sec.gov/Archives/edgar/data/1379006/000114420414009813/v367879_10q.htm.
The Company estimates that it now has approximately $38M of current assets plus restricted cash in hand, with the subsequent January 21, 2014 raise, as of the date of filing. The Company estimates that this funding is sufficient to enable us to perform initial human clinical trials of our injectable FluCide™ drug candidate, as well as possibly to advance our DengueCide™ orphan drug candidate towards initial human clinical trials The Company's estimates are based on its current rate of expenditure and also on certain approximate estimates for clinical development of its drug candidate as gleaned from discussions with various contract research organizations.
The Company reported that it had approximately $19.8M in current assets plus restricted cash (cash, cash equivalents, collateral advance, prepaid expenses, and security deposits) as of December 31, 2013, the end of the reporting quarter. The shareholder equity stood at approximately $10.2M. In comparison, the Company had approximately $22.0M in current assets plus restricted cash, and approximately $11.75M in shareholder equity as of September 30, 2013, the end of previous quarter.
The Company spent approximately $1.13M in Research and Development expenses (R&D) and approximately $621K in General and Administrative expenses (G&A), including stock-based expenses, in the reported quarter. The current rate of expenditure was in line with the Company's budgeted targets.
On September 25, 2013, the Company's (new) common stock began trading on NYSE MKT exchange under the symbol "NNVC". The Company had met or exceeded all of the exchange listing requirements including Corporate Governance, after having established an independent board of directors comprising three independent marquee directors in addition to the two executive ex-officio directors.
The Company reports that all of its drug development programs are progressing satisfactorily and that it will continue to provide updates as appropriate.
Subsequent to the reporting period, on January 21, 2014, the Company has raised approximately $20M in a registered direct offering. This offering grossed approximately $20M before estimated expenses of approximately $1.2M, which includes placement agent fees but does not include and attorneys' fees and other expenses. The price per unit was $5.25, with 1 unit comprising 1 share of registered common stock and a 5-year warrant to purchase 0.65 shares at a price of $6.05. Chardan Capital Markets, LLC, acted as lead placement agent and Midtown Partners & Co., LLC was the co-placement agent in connection with the offering.
About NanoViricidesFDA refers to US Food and Drug Administration. EMA refers to the European Union’s office of European Medical Agency.