NanoViricides Provides Update, Says Company is Stable and is Moving Steadily towards Clinical Trials
SHELTON, Conn., May 14, 2018 /PRNewswire/ -- NanoViricides, Inc. (the "Company") reports that it is financially sound and that its drug candidates in the HerpeCide™ program are moving towards the clinical stage at a reasonable pace.
NanoViricides reports that it does not know of the reasons for a recent sharp decline in its stock price. The Company's current drug candidates in the HerpeCide™ program are moving towards the clinical stage steadily. The Company is diligently working towards obtaining all the information that we will need for filing our first Investigational New Drug application (IND).
The Company has previously reported excellent results in human skin study for its shingles drug candidates.
The Company recently reported that these drug candidates were shown to have an extremely good safety profile in a preliminary rat toxicology study. This has paved the way for moving the drug candidate(s) into formal GLP Safety/Tox Package studies.
The Company has scaled up production of its drug candidates substantially. We believe we have the ability to make the required estimated quantity for the Safety/Tox study in just a few production batches. This estimate was revised upwards to ~750g, due to the extremely strong safety profile of the drug candidates observed in the preliminary safety/toxicology study.
The Company's search for a new CEO with strong pharmaceutical industry background was begun prior to Dr. Seymour's retirement. It has been accelerated and the Executive Search Committee reports that it is now in due diligence phase. In the interim, the Board has appointed Anil R. Diwan, PhD, President and Chairman, as the acting CEO in January, following retirement of Dr. Eugene Seymour.
The Company has a continuity of leadership in place after Dr. Seymour's retirement, with the temporary appointment of Dr. Diwan as the interim CEO. Dr. Diwan and Dr. Seymour together previously constituted the Executive Committee, and thus, Dr. Diwan has been involved in strategic decision-making, as well as fund-raising activities since the founding of the Company. The company's executive committee works with the senior leadership and additional consultants to develop and execute the Company's business strategy and activities.
The Company is financially stable, and believes that it has sufficient financing available for more than one year of operations.
Dr. Seymour has stated that he was resigning for personal reasons and to make room for a pharmaceutical industry executive with experience in drug development through regulatory stages. The separation agreement with Dr. Seymour was executed on May 1, 2018. In consideration of Dr. Seymour's role in the Company as a Founder and in building the Company from scratch in his many long years of service to the Company and its shareholders, the Company agreed to provide Dr. Seymour with severance payments equivalent to his then-current salary until December 31, 2018, and to grant him 250,000 options with an exercise price equal to $2.00 per share. More complete information has been filed in an 8-K current report.
The Company believes that once it has engaged into a meaningful investor outreach program, it will have the ability to tell its story more effectively to the investors, buyers and sellers alike.
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for viral 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 pre-clinical 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.
CONTACT: NanoViricides, Inc., email@example.com
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SOURCE NanoViricides, Inc.