NanoViricides Files Quarterly Report

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.

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