NanoViricides Files Annual Report - Reports Having Sufficient Funds for Current Goals

WEST HAVEN, CONNECTICUT -- August 17, 2011 -- NanoViricides, Inc. (OTC BB: NNVC) (the "Company"), reports that it has filed its financial year end annual report (Form 10-K) with the Securities and Exchange Commission (SEC) on Thursday, October 13, in a timely manner. The report can be accessed at the SEC website (

The Company estimates that the cash in hand at year end is sufficient for an additional eighteen months or more of operational expenses. The Company also believes that it now has sufficient financing to advance its drug pipeline further into the Food and Drug Administration (FDA) approval process.

The Company had a cash, cash equivalents, and prepaid expenses balance of approximately $9.556 Million at the end of the year (June 30, 2011), as compared to approximately $7.456M one year ago. The Company spent $4.156M in R&D and $2.273M in General and Administrative (G&A) costs in the reporting period, compared to $3.367M and $1.735M, respectively, one year ago.

The Company reported that it is now focusing on advancing its drug candidates towards the regulatory process. The Company has declared a clinical candidate in its anti-influenza program, FluCide™, after the financial year (FY) end. The Company has also reported significant progress in achieving cGMP manufacturing capability for its drug candidates, subsequent to the FY end. The Company has also reported that it is working diligently towards filing a pre-IND application (pre-Investigational New Drug) to the FDA for FluCide.

Subsequent to year end, the Company raised an additional $2.5 Million through the sale of the Company’s Series B Convertible Preferred Stock to Seaside 88, LP, as previously reported. Seaside has funded the Company in the amount of $15,000,000 to date. The sales of these securities have been described previously. This investment has put the Company on a strong financial footing, enabling us to advance our drug candidates further into the FDA regulatory process.

The Company now has five commercially important drug development programs in its pipeline. FluCide™ is a single drug in development against all forms of influenza A including bird flu, high path influenzas, epidemic influenzas, seasonal influenzas, and potentially any novel influenza A strains. HIVCide™ is a drug in development against HIV/AIDS that shows the promise of becoming a “Functional Cure” against HIV/AIDS, based on available animal studies data in the standard humanized mouse model of HIV-1 infection in human T cells. This model is known to be predictive of successful anti-HIV drug development. The Company is also developing a single topical solution nanoviricide to attack most viral infections of the eye including Epidemic Kerato-Conjunctivitis (EKC) and Herpes Keratitis. The Company has successfully developed initial drug candidates against Oral “Cold Sores” and Genital Herpes. The Company has also developed initial drug candidates against Dengue Viruses.

The Company believes that it has a robust, strong, and wide drug pipeline that is advancing satisfactorily towards clinical trials.

“We have continued to obtain very strong results in our pre-clinical studies,” said Anil R. Diwan, PhD, President and Chairman of the Company, adding, “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.”

“We have also taken steps to enable cGMP manufacturing of drug candidates with limited capital costs to the Company,”, said Eugene Seymour, MD, MPH, CEO of the Company, adding, “We believe we now have the financial ability to overcome the remaining hurdles in pushing our drug candidates into the FDA regulatory process”.

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