NanoViricides (OTCBB:NNVC), a development stage company creating special purpose nanomaterials for antiviral therapy, said Wednesday its cash position at the end of the first quarter was "sufficient to carry out its initial clinical trials of its first drug candidate."
Current assets, including cash, cash equivalents, collateral advance, and prepaid expenses, rose to $16.9 million as of March 31, from $14.6 million as of December 31, the West Haven, Connecticut-based company said in a statement on Wednesday.
NanoViricides, which is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal Influenza and HIV, estimated that it currently has sufficient cash in hand to support operations for at least two years at the current rate of cash expenditure, according to the statement.
NanoViricides also estimated that it has sufficient cash in hand to support "initial human clinical trials of its first drug candidate, a broad-spectrum anti-influenza drug in its FluCide&trade program," it said.
The shares rose 1.2 percent to 61.7 cents at 9:56 a.m. They traded as high as 70 cents and as low as 58 cents in earlier trading. The stock gained 28 percent since the beginning of the year through Tuesday.
During the quarter, the company spent $1.4 million in research and development expenses, or R&D, and $831,400 in general and administrative expenses, or G&A, including stock-based expenses. The company's rate of expenditure was in line with the company's budgeted targets.
The company also said it had raised $6 million from three family offices and a charitable foundation in February, as announced previously. The company announced full retirement of its Series C convertible preferred stock held by Seaside 88, LP, with a cash payment of approximately $2.01 million.
NanoViricides said that all of its drug development programs are progressing satisfactorily. The company is advancing its oral broad-spectrum anti-influenza drug candidate, NV-INF-2, towards IND-enabling studies.
"This may be the first ever nanomedicine drug of any kind that is active when administered orally. This drug is being developed for out-patient influenza cases, and may also be useful for influenza prophylaxis, as in use for the protection of health care workers," the company said.
The company also continues to develop its injectable anti-influenza drug, NV-INF-1, towards IND-enabling studies. "This drug candidate has much greater activity than the oral drug, and is intended for use in hospitalized patients with influenza or potentially influenza-like illness. The company believes it will be useable in immuno-compromised populations, and may receive an orphan drug classification for this indication," the statement said.
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