NanoViricides (NYSE-A:NNVC) said it exited the third quarter with enough cash on hand to progress clinical trials involving its lead drug candidate NV-CoV-2 for SARS-CoV-2 which causes COVID.
NV-CoV-2 is currently being evaluated in Phase 1a/1b human trials in India by NanoViricides (NYSE-A:NNVC)’ collaborator Karveer Meditech.
The development stage company creating special-purpose nanomaterials for antiviral therapy noted that NV-387, the active ingredient in NV-CoV-2, has demonstrated effectiveness when compared with approved COVID drug remdesivir in an animal model.
It has also been shown to be as effective as the last-resort drug ribavirin against respiratory syncytial virus (RSV) in an animal model and as effective as the approved drug tecovirimat for Smallpox and Mpox infections in an animal model.
The company believes that once it has completed its Phase 1a/1b human clinical trials of NV-CoV-2, the NV-387 oral formulations may be eligible for Phase 2/3 clinical trials for RSV.
As of September 30, 2023, NanoViricides (NYSE-A:NNVC) held cash and cash equivalent assets of $6.97 million.
Its net loss for 3Q was $1.97 million or a loss per share of $0.17, compared to $1.57 million or a loss per share of $0.14 in the year-ago quarter.
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