Nano Viricides Inc., a development-stage company focused on creating nanomaterials for viral therapy, today announced it will lease new space for current Good Manufacturing Practices (cGMP) production of its nanoviricides drug candidates for the treatment of various viral diseases.
The company plans to lease the space with an option for a future purchase from Inno-Haven LLC, as it acts on its need to produce larger quantities of its drug candidates for upcoming toxicological studies.
If the studies are successful, the company said it will manufacture additional materials to conduct human clinical trials if and when approved by the U.S. Food and Drug Administration (FDA). The production of the materials needed for the studies will be performed under cGMP, which are FDA guidelines for human clinical trials.
“This is the least dilutive way to obtain the cGMP manufacturing and lab space we need while avoiding capital expenditure from the company’s current cash reserves,” Dr. Eugene Seymour, MD, MPH, CEO of the NanoViricides stated in the press release. “We are now on our way to clearing a major hurdle in our path toward FDA submissions and human clinical development of our drug candidates.”
Inno-Haven has agreed to purchase certain facilities that will support NanoViricide’s objectives. Inno-Haven is owned by NanoViricides president and chairman, Anil R. Diwan, PhD, who plans to finance the purchase from his personal savings, personal borrowings, and a sale of stock of NanoViricides that he has received as a company founder.
The agreement calls for Dr. Diwan to sell up to 2 million shares of his stock over the next year; in exchange, Inno-Haven and Dr. Diwan have agreed to purchase and lease certain facilities to NanoViricides as needed.
TheraCour Pharma Inc., a drug development partner of NanoViricides controlled by Dr. Diwan, will also lease space in the same facility.
For more information visit www.nanoviricides.com