NanoViricides, Inc. Files Quarterly Report - Reports a Strong Cash Position Sufficient for Clinical Trials of its First Two Drug Candidates

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

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 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.

FDA refers to US Food and Drug Administration. EMA refers to the European Union’s office of European Medical Agency.

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