SHELTON, CONNECTICUT -- Wednesday, January 21, 2020 -- NanoViricides, Inc. (NYSE Amer.: NNVC) (the "Company"), a leader in the development of highly effective antiviral therapies based on a novel nanomedicines platform (the "Company"), today announced the pricing of an underwritten public offering with gross proceeds to the Company of $7.5 million before deducting underwriting and other estimated offering expenses. The offering is 2.5 million shares of the Company's common stock at a price of $3.00 per share. The Company intends to use the net proceeds from this offering to fund general corporate purposes and to fund ongoing operations and to repay certain accounts payable to related parties.
The Company has also granted the underwriters a 45-day option to purchase up to 375,000 additional shares of common stock to cover over-allotments at the public offering price. Aegis Capital Corp. is acting as sole bookrunner for the offering.
This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-235306) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on January 9, 2020. A final prospectus and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.
Electronic copies of the final prospectus and the accompanying prospectus, when available, may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus and the accompanying prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Company believes this financing will provide valuable capital that will immediately help the Company advance its drug pipeline into human clinical trials. The Company anticipates filing an IND with the US FDA to advance NV-HHV-101 into human clinical trials for topical dermal treatment of the shingles rash as the initial indication.
The market size for the treatment of shingles is estimated at about one billion dollars by various estimates. These estimates take into account the Shingrix® vaccine as well as existing vaccines. About 500,000 to 1million cases of shingles occur in the USA alone every year.
The market size for our immediate target drugs in the HerpeCide™ program is variously estimated into billions to tens of billions of dollars. The Company believes that its dermal topical cream for the treatment of shingles rash will be its first drug heading into clinical trials. The Company believes that additional topical treatment candidates in the HerpeCide™ program, namely, HSV-1 "cold sores" treatment, and HSV-2 "genital ulcers" treatment are expected to follow the shingles candidate into IND-enabling development and then into human clinical trials. These additional candidates are based on NV-HHV-101, thereby maximizing return on investments and shareholder value.
The Company develops its class of drugs, that we call nanoviricides®, using a platform technology. This approach enables rapid development of new drugs against a number of different viruses. A nanoviricide is a "biomimetic" - it is designed to "look like" the cell surface to the virus. The nanoviricide® technology enables direct attacks at multiple points on a virus particle. It is believed that such attacks would lead to the virus particle becoming ineffective at infecting cells. Antibodies in contrast attack a virus particle at only a maximum of two attachment points per antibody. In addition, the nanoviricide technology also simultaneously enables attacking the rapid intracellular reproduction of the virus by incorporating one or more active pharmaceutical ingredients (APIs) within the core of the nanoviricide. The nanoviricide technology is the only technology in the world, to the best of our knowledge, that is capable of both (a) attacking extracellular virus, thereby breaking the reinfection cycle, and simultaneously (b) disrupting intracellular production of the virus, thereby enabling complete control of a virus infection.
About NanoViricidesFDA refers to US Food and Drug Administration. EMA refers to the European Union’s office of European Medical Agency.