NanoViricides Inc (NYSEMKT:NNVC) shares were up 1.72% on Friday to $1.18 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 $69.86 million at 58.20 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.
In a letter to shareholders published on its website, NanoViricides Inc CEO shared upbeat company updates as of December 1, 2016. Dr. Eugene Seymour started off by detailing the company’s progress in entering its clinical trials, citing that nanoviricide skin cream against shingles will be its first drug to go into human clinical studies. It also expects that additional HerpeCiode™ program topical drug candidates will follow the shingles drug candidate into the clinic.
NanoViricides Inc has four different drugs in development in the HerpeCide program, all of which are of high priority and are topical treatments. As such, these are expected to enable a relatively rapid regulatory process as compared to systemic drugs. Apart from these, the company has four more systemically delivered drugs in different preclinical development stages that are expected to mature towards the clinic. However, these are on low priority at the moment due to resource limitations.
Altogether, the drugs in development and approaching clinical trials address a market of over $40 billion in herpesviral diseases such as old sores, genital ulcers, herpes keratitis, shingles, and others, influenzas such as broad spectrum injectable drug for hospitalized patients with severe viral influenzas, oral nanomedicine drug for out-patients with influenza, HIV, and dengue viruses.
CEO Dr. Eugene Seymour also noted that NanoViricides Inc moved operations to a new campus in Shelton, CT. This campus has fully integrated drug development and scale-up capabilities so it delivers the infrastructure needed to build a pharmaceutical manufacturing company capable of advancing to clinical trials. Aside from that, the new virology laboratory received Biological Safety Level 2 certification from the State of Connecticut and this in-vitro virology lab became fully operational in March this year. It also doubled the scientific staff engaged in our drug development work this year.
We can proudly say that our rate of expenditure and estimated total expenditures in developing each of our drug candidates is far lower than industry standards. This should increasingly reflect in NanoViricides market capitalization as we move further towards commercialization,” the letter indicated. “Thus, with eight different drugs currently in development, the future is indeed bright. With the strength of our platform technology, we believe we will continue to add many more drugs to the pipeline.”
The letter concluded by saying that NanoViricides Inc is heading into 2017 from a stronger position than ever after ending 2016 on solid financial footing and with sufficient capital on hand to file at least one regulatory application and initiate human clinical trials.
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