Nanoviricides Inc. is a development stage company creating special purpose nanomaterials for viral therapy. The company’s novel nanoviricide class of drug candidates are designed to specifically attack enveloped virus particles and dismantle them. The company is developing drugs against a wide variety of viral diseases.
The company filed its quarterly report with the Securities and Exchange Commission (SEC) on May 20, 2010. Nanoviricides reported that it had approximately $2.85 million in cash and $305,000 in prepaid expenses as of the end of the quarter – March 31, 2010. The company also reported it spent approximately $1.583 million in research and development expenses and $800,000 in general and administrative expenses in the quarter. Nanoviricides’ rate of cash expenditure was in line with the company’s budgeted targets.
Nanoviricides is unusual among companies in its stage of development in that it has no long-term debt. The company added to its relatively strong financial position by raising an additional $5 million in capital subsequent to the reporting period. Nanoviricides estimates that it currently has sufficient cash on hand to achieve the budgeted objectives through December 31, 2011. In addition, the company believes it now meets the capital requirements of certain national stock exchanges.
The company summarized the progress it has made in the last quarter. It now has a filed and effective universal shelf registration for the sale of up to $40 million of the company’s securities. Nanoviricides has finalized several new research and testing agreements and is expected to announce the results of certain studies that are already in progress as soon as possible. The company is planning to speed up its drug development programs with an eye towards filing certain pre-investigational new drug applications with the Food and Drug Administration (FDA).