NanoViricides (NYSE-A:NNVC) reported progress on its lead antiviral drug NV-387 and revealed plans to advance Phase II clinical trials for MPox and RSV.
The Shelton, Connecticut-based company is waiting for results from its Phase I trial of NV-387 and has taken steps towards starting a Phase II trial of NV-387 for the treatment of MPox infection in Central Africa.
The company also plans a Phase II trial targeting RSV, initially in adults, as part of the regulatory pathway for pediatric applications.
The firm sees NV-387’s potential as a broad-spectrum antiviral agent with a novel mechanism targeting viruses that use heparan sulfate proteoglycans to enter cells.
Earlier NanoViricides (NYSE-A:NNVC) reported promising preclinical results, including efficacy against MPox, RSV, COVID-19, and Influenza in animal models.
“(W)e anticipate that NV-387 would revolutionize the treatment of viral infections reminiscent of how penicillin revolutionized the treatment of bacterial infections,” the company said in a statement.
The company reported $3.87 million in cash and cash equivalents as of September 30, down from $4.8 million at the end of June.
During the third quarter of 2024, NanoViricides (NYSE-A:NNVC) raised $1.71 million through an At-the-Market (ATM) offering and utilized $2.6 million for operating activities, including $1 million in R&D expenditures to prepare for Phase II clinical trials of NV-387. Subsequent fundraising added $0.63 million, and a $3 million line of credit from the company’s founder and president, Dr Anil Diwan, brought total operational funds to $7.6 million, net of liabilities.
NanoViricides also noted approximately $7.36 million in net property and equipment assets, primarily tied to its Shelton-based cGMP manufacturing and R&D facility. Current liabilities stood at $1.63 million, up from $1.36 million in the previous quarter.
Despite these measures, NanoViricides acknowledged that its current funding falls short of covering operational expenses through November 2025, particularly for its planned Phase II trials of NV-387 for MPox and RSV infections.
Looking ahead, the company plans to pursue partnerships and non-dilutive funding to support further regulatory activities for NV-387 across multiple indications, including Influenza and COVID-19.