09/12/2019 | Press release | Distributed by Public on 09/12/2019 09:12
SHELTON, CONNECTICUT -- Thursday, September 12th, 2019 -- NanoViricides, Inc. (NYSE American: NNVC) (the 'Company') announced today that its Board of Directors has approved a 1-for-20 reverse split of all of the Company's capital stock, including its common stock, which will be effective after the market closes on September 23, 2019. The common stock will begin trading on a split-adjusted basis on September 24, 2019.
The reverse split will affect all securities of the Company uniformly. Thus, pursuant to the reverse split, common stockholders will receive one share of common stock for every twenty (20) shares owned at the close of business on September 23, 2019. All fractional shares created by the reverse split will be rounded to the nearest whole share. Pursuant to the provisions of Nevada state law, the Company's outstanding shares of common stock will be reduced from approximately 76.9 million outstanding shares of common stock to approximately 3.85 million shares and the number of outstanding shares of preferred stock will be reduced to approximately 255,703. Outstanding options and warrants will be reduced in number by a factor of 20, and their exercise price will be increased by a factor of 20.
The Company's Common Stock will continue to trade on the NYSE American under the symbol 'NNVC' but will trade under a new CUSIP Id. The reverse split is intended to increase the market price per share of the Company's common stock to allow the Company to maintain its NYSE American listing. The Company's transfer agent, Corporate Stock Transfer and Trust Company, will act as the exchange agent. While there is nothing shareholders will be required to do, adjustments to physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact Corporate Stock Transfer for further information at (303) 282-4800.
NanoViricides, Inc. is a global leader in the application of nanomedicine technologies to the complex issues of treatments for viral diseases. The nanoviricide® technology enables direct attacks at multiple points on a virus particle. It is believed that such attacks would lead to the virus particle becoming ineffective at infecting cells. Antibodies in contrast attack a virus particle at only a maximum of two attachment points per antibody. The novel biomimetic platform technology of nanoviricides is designed to minimize drug resistance due to viral mutations, a sought-after goal in antiviral drug development.
The Company's first drug candidate, NV-HHV-101 is a skin cream for topical treatment of shingles rash. It has completed IND-enabling non-GLP Safety/Tolerability studies successfully. Additionally, the in-life portion of the GLP Safety/Toxicology studies was completed recently with the drug being well tolerated even at the highest doses employed. The Company is preparing to file an IND application to begin Phase I human clinical trials with the US FDA for this drug once the reports from the on-going IND-enabling studies are available. The market size for the shingles drug has been estimated to be in the billion dollar range. A variant of this drug candidate is in development for the dermal topical treatment of 'genital ulcers' caused by HSV-2 and of 'cold sores' caused by HSV-1. The nanoviricides platform technology has enabled a broad pipeline in this HerpeCide™ program itself with at least five indications addressing a market size of tens of billions of dollars.
The Company's drug development business model is based on licensing the patents and intellectual property held by TheraCour Pharma, Inc. that enabled creation of drugs engineered specifically to combat viral diseases in humans. The Company has a worldwide exclusive license to this technology for several drugs with specific targeting mechanisms for the treatment of a number of human viral diseases including HSV-1 and HSV-2. Additionally, the Company and TheraCour have signed a Memorandum of Understanding governing the general terms of a license for VZV drug development in February 2019. The definitive agreement is currently being negotiated between the parties.
NanoViricides is one of the few bio-pharma companies that owns a highly customizable, cGMP-capable drug manufacturing facility, with no mortgage. The Company intends to produce its drugs for clinical trials at this facility, saving time and money in its advance towards regulatory approvals. This facility, with its multi-kilogram production scale, is expected to provide the drug product for initial market entry, enabling substantial revenue generation once a drug is approved.About NanoViricides
FDA refers to US Food and Drug Administration. EMA refers to the European Union's office of European Medical Agency.