NanoViricides Inc (NYSEMKT:NNVC) shares are up 0.70% on Tuesday to $1.44 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.96 to $3.44. The company has a market cap of $86.81 million at 58.18 million shares outstanding.
NanoViricides Inc is a nano-biopharmaceutical company with several drugs in various stages of development. It focuses on its research and clinical programs on specific anti-viral therapeutics and is engaged in the application of nanomedicine technologies to the issues of viral diseases.
Its nanoviricide technology enables direct attacks at multiple points on a virus particle and simultaneously enables attacking the intracellular reproduction of the virus by incorporating one or more active pharmaceutical ingredients within the core of the nanoviricide. The nanoviricide technology is engaged in both attacking extracellular virus thereby breaking the reinfection cycle, and simultaneously disrupting intracellular production of the virus, thereby enabling complete control of a virus infection.
NanoViricides Inc filed its quarterly report for its first quarter of financial year 2017 and reported that it had approximately $22.1 million of current assets in cash, cash equivalents, and prepaid expenses as of September 30, 2016. The net cash used in operating activities during this quarter was approximately $2.2 million, estimating that this pace of expenditure could be seen in the following quarters. Shareholder equity stood at approximately $23 million for the period.
In addition, the company estimates that the cash in hand is sufficient to enable them to perform initial human clinical trials of at least one of their drug candidates, including four indications in the HerpeCide program. Apart from that, NanoViricides Inc has engaged Professor Moffat’s Lab at the State University of New York Upstate Medical Center for studies of these shingles drug candidates in cell culture and in a human skin patch model of VZV infection. Its expenditures during the reported period were on track with this expectation.
The company reiterated that it is one of the few bio-pharma companies that has all the capabilities needed from research and development to marketable drug manufacture in the small quantities needed for human clinical trials. Its new campus in CT has state of the art nanomedicines characterization facilities that can conduct nanomedicine analysis and characterization studies of any of their various drug candidates in-house.
While all of its biological testing and characterization of drug candidates continues to be performed by external academic or institutional collaborators and contract research organizations, NanoViricides Inc has its own capabilities to perform initial cell culture based drug candidate screening for BSL2 viruses, which includes herpesviruses.
We believe that this is speeding up our drug development programs against such viruses significantly by removing the latencies of external testing in the earlier drug screening and the later drug optimization stages,” the press release indicated.
Aside from that, NanoViricides Inc also shared that it has established additional collaborations towards IND-enabling development of drug candidates against the four HerpeCide program indications. The company has collaboration agreements with the CORL at the University of Wisconsin and the Campbell Lab at the University of Pittsburgh for the evaluation of its nanoviricides drug candidates in models of ocular herpesvirus and adenovirus infections. It also has a collaboration with Professor Moffat Lab at SUNY-UMC to study drug candidates against shingles.
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