NanoViricides (NYSE-A:NNVC) said it has sufficient funds to complete its ongoing Phase 1a/1b clinical trial of its lead drug candidate NV-CoV-2 based on its “nanoviricle” active pharmaceutical ingredient NV-387 for coronavirus.
The company said NV-387 was “highly active” when tested against coronavirus, including SARS-CoV-2, in pre-clinical studies, and it is expanding its pre-clinical studies to evaluate the antiviral activity of NV-387 against other viruses.
It believes it will be able to take NV-387 into Phase 2 clinical studies for respiratory syncytial virus (RSV) once the current Phase 1 studies are completed.
NanoViricides (NYSE-A:NNVC) said it exited the fiscal year ending June 30, 2023, with cash and a cash equivalent assets balance of $8.15 million in addition to $8.1 million in net property and equipment assets, comprising its cGMP-capable manufacturing and research and development facility in Shelton, Connecticut.
“We have made significant progress despite limited resources in our endeavor of curing viral infections using the power of the Nanoviricide Platform Technology, and this year, we have been able to take the first nanoviricide drug into human clinical trials,” the company said in a statement.
“We believe this opens a new era in the development of NanoViricides (NYSE-A:NNVC), Inc. We plan on seeking non-dilutive as well as equity-based funding as we go forward in this quest.”
NanoViricides is a development stage company that is creating special-purpose nanomaterials for antiviral therapy.
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