NanoViricides raises $20 million in registered direct offering
The company said it plans to use the additional capital to hire necessary staff to accommodate advancing several of its drug candidates toward investigational new drug filings in the near future. NanoViricides will also use the funds to develop clinical trials for FluCide, DengueCide and four other drug candidates: OralFluCide, HerpeCide, HIVCide and EKCCide.
"We were very pleased with the strong interest from select institutional investors and existing shareholders," Eugene Seymour, the CEO of NanoViricides, said. "We anticipate that the additional capital will be sufficient to last through Phase I and II human clinical studies of our injectable FluCide drug candidate, and also through initial human clinical trials of DengueCide."
The company said it would also use the funding to pursue research and development programs for nanoviricides against Ebola virus, Marburg Virus, Middle East respiratory syndrome coronavirus and rabies.
Nanoviricides are drug candidates specifically designed to attack enveloped virus particles and to dismantle them.
In a preliminary safety/toxicity study of FluCide, the company's broad-spectrum, anti-influenza lead drug candidate, there were no toxicities or adverse events found at the maximum feasible dose.
"We believe that the safety of our entire nanoviricide class of drugs is validated to a large extent by this safety study," Anil Diwan, the president of NanoViricides, said. "The nanoviricides differ from each other primarily in the anti-viral ligand. We now await the results of the full safety and tox package study of FluCide."
NanoViricides anticipates the closing of the offering will take place on or before Friday. The company will receive approximately $18.8 million in proceeds after approximately $1.2 million in broker commissions and attorney fees are deducted.