Drug maker NanoViricides raises $2.5 million, on shelf offering

Antiviral drug developer NanoViricides (OTC:NNVC) reported Wednesday that it has raised $2.5 million from a stock offering under another shelf registration with Seaside 88 LP.
The offering consisted of Seaside’s buy of 250,000 shares, for $10 per share, of NanoViricides’ series B preferred stock. The most recent offering brings Seaside’s financial support to $15 million.
Back in April, NanoViricides entered into a securities deal with Seaside which would purchase up to 500,000 shares of company’s Series B preferred stock for $10.00 per share, raising $5 million.
Additionally, pursuant to the deal, Seaside also agreed to buy an extra $2.5 million of NanoViricides preferred stock within 14 weeks before closing.
The Series B preferred stock is convertible into a number of shares of the company's common stock every two weeks.
"We are pleased that Seaside has continued its investment in NanoViricides," said Anil R. Diwan, President of NanoViricides.
"We continue to have more than 24 months of cash in hand, based on current rate of expenditure. This additional investment further strengthens our financial position," added officials.
NanoViricides develops antiviral therapies using nanomaterials. The company makes drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, oral and genital Herpes, and Hepatitis C, among others.