NanoViricides Inc. (NNVC.OB) Major Shareholder Completes Programmed Share Sale; Appropriates Proceeds

By IBTimes Staff Reporter | January 25 2010 7:37 AM

NanoViricides Inc. is a development stage company focused on creating nanomaterials for viral therapy, including drug candidates for H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, oral and genital Herpes, and other viral diseases.

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The company today announced that TheraCour Pharma Inc., NanoViricide’s major shareholder, completed its programmed sale of shares of NanoViricide in December 2009. In the press release, the company said the programmed sale under Securities and Exchange Commission Rule 10b5-1 was authorized and initiated in February, 2009.

TheraCour plans on using the proceeds to improve its laboratories, which will allow for larger production space for upcoming NanoViricides studies. The company will also purchase analytical equipment and pay for the patent protection costs for its intellectual property.

“We are pleased that we will now be able to acquire nanoviricides at the larger scale needed for our upcoming IND-enabling studies,” Dr. Eugene Seymour, MD, MPH, CEO of NanoViricides, stated in the press release. “These studies include the development of a Tox Package as well as drug effectiveness studies of our drug candidates in larger animal models. We were previously limited to small animal studies.”

NanoViricides has two drug candidates in the advanced stages of preclinical development: FluCide is designed to combat various Influenza viruses; HIVCide is designed against all HIV strains, as well as their mutations.