NanoViricides Announces Acquisition of New Space for Future Pilot cGMP Production

WEST HAVEN, CONNECTICUT -- August 15, 2011 -- NanoViricides, Inc. (OTC BB: NNVC) (the "Company") announced that Inno-Haven LLC has completed acquisition of a light industrial building. The Company anticipates that it will be leasing a portion of this space, in the near future, for laboratory facilities and cGMP production of its nanoviricides® drug candidates against various viral diseases.

Inno-Haven LLC, a special purpose company formed to acquire the facility, completed the purchase on August 31, 2011. This approximately 18,000 sq.ft. building on a 4.2 acre lot is located in a light industrial-commercial zone on the Route 8 Corridor in Shelton (Fairfield County), CT. A significant advantage to the location is a quick access to state and interstate routes (I-95, Route 8, Route 15, and Route 34).

Financing for the acquisition by Inno-Haven was provided by certain private investors that included Anil R. Diwan, PhD. Dr. Diwan is President and Chairman of the Company and Managing Member of Inno-Haven. Dr. Diwan’s part of the financing came from his personal savings, personal borrowings, and a sale of some of his shares of NanoViricides, Inc. received as a founder. TheraCour Pharma, Inc., a drug development partner of NanoViricides that is controlled by Dr. Diwan, also plans to lease space in the same facility.

Additionally, Dr. Diwan has agreed to provide personal guarantees, as needed, for certain additional contemplated transactions. The Company has previously announced that it had determined that this financing approach provided the best value for the Company and its shareholders.

Based on the extremely high efficacy of the FluCide™ drug candidate, a relatively small scale cGMP pilot plant is expected to be sufficient for the Company’s production requirements through the completion of human clinical trials. The Company believes, based on advice from experts, that the said facility will meet these requirements.

The Company is currently meeting with various firms capable of performing the extensive renovations necessary to establish cGMP manufacturing at this facility in a timely manner. The production of materials for human trials needs to be performed under FDA guidelines called “cGMP” (short for “current Good Manufacturing Practices”). The Company believes that it has various options available for achieving the financing for the contemplated renovation costs. Dr. Diwan has agreed to provide personal guarantees, as needed, for such additional transactions.

“We believe we will be achieving the cGMP manufacturing and lab space we need without capital expenditure from the Company’s current cash reserves,” said Dr. Eugene Seymour, MD, MPH, CEO of the Company, adding, “We are making progress in clearing a major hurdle in our path towards FDA submissions and human clinical development of our drug candidates.”

The Company recently announced the selection of its clinical candidate for Influenza. The Company is currently working on developing the pre-IND application for this clinical candidate. Following the pre-IND application and subsequent FDA input, the Company will need to produce cGMP batches of the drug candidate for human clinical studies prior to submitting an IND (Investigational New Drug) application to the FDA. Thus the Company perceives a significant urgency for constructing and activating the cGMP manufacturing capabilities.

About NanoViricides : NanoViricides, Inc. ( is a development stage company that is creating special purpose nanomaterials for antiviral therapy. The Company's novel nanoviricide® class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. The Company is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others. This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by NanoViricides, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.  Although it is not possible to predict or identify all such factors, they may include the following: demonstration and proof of principle in preclinical trials that a nanoviricide is safe and effective; successful development of our product candidates; our ability to seek and obtain regulatory approvals, including with respect to the indications we are seeking; the successful commercialization of our product candidates; and market acceptance of our products.

NanoViricides, Inc.
Amanda Schuon, 310-550-7200