NanoViricides, Inc. (NYSE American: NNVC) announced the closing of its previously disclosed $6 million registered direct offering, issuing 3,571,429 shares of common stock at $1.68 per share to a single healthcare institutional investor. The offering included a concurrent private placement of Series A and Series B warrants to purchase an equal number of shares, with exercise prices of $1.75 and $2.00, respectively. The Series A warrants become exercisable after six months and expire in two years, while the Series B warrants expire in 5.5 years. The company plans to use the net proceeds for working capital and general corporate purposes. A.G.P./Alliance Global Partners acted as the sole placement agent.
This capital raise provides NanoViricides with additional financial runway to advance its lead drug candidate, NV-387, a broad-spectrum antiviral targeting respiratory syncytial virus (RSV), COVID-19, long COVID, influenza, and MPOX/smallpox infections. The company is also developing NV-HHV-1 for shingles and other candidates for herpes, hepatitis C, HIV, and Ebola, among others. The funds will support ongoing research and potential Phase II human clinical trials for NV-387.
NanoViricides specializes in nanomaterial-based antiviral therapies, leveraging technology licensed from TheraCour Pharma, Inc. The company's platform aims to create drugs that mimic host cell receptors to bind and neutralize viruses. The announcement underscores the company's commitment to addressing unmet medical needs in antiviral treatments, though the drug development path remains lengthy and capital-intensive.
For more details on the offering, visit the full press release at https://ibn.fm/PidPM. For the latest updates on NanoViricides, see the company's newsroom at https://ibn.fm/NNVC.
