SHELTON, Conn., July 12, 2018 /PRNewswire/ -- NanoViricides,
Inc. (NYSE MKT: NNVC) (the "Company") reports that it is
financially sound and that its drug candidates in the HerpeCide™
program are moving towards the clinical stage at a reasonable
pace.
On July 10, 2018, Dr. Milton Boniuk resigned from his position as a
member of the Board of Directors and from all Committees of the
Board. Another Director, Dr. Mukund
Kulkarni, who had previously resigned solely from the Audit
Committee, has rescinded his resignation and is continuing as a
member of the Audit Committee. The Company has filed a Form 8-K
disclosing these changes, to which Dr. Boniuk's resignation letter
is attached as required, on July 10,
2018.
The Company believes Dr. Boniuk resigned because the remainder
of the Board, including the independent directors, disagreed with
his agenda and the positions he demanded the Company and the Board
of Directors follow. The Company believes that its current
plan to engage a new Chief Executive Officer with Clinical
Pharmaceutical expertise and to progress to clinical trials for its
Shingles antiviral candidate is the appropriate direction for the
Company to take.
A number of assertions that Dr. Boniuk has made in his
resignation letter are inaccurate, and reflect his own agenda,
which the remaining independent directors and the Board disagreed
with. The Audit Committee of the Board of Directors, to assure
compliance, and pursuant to its charter, has initiated an internal
review of the Company's related party transactions that have all
been previously disclosed. Despite Dr. Boniuk's assertion,
Management has never refused to provide the Audit Committee with
requested information and the review is currently in progress.
Therefore, we believe Dr. Boniuk's statements related to the review
are inaccurate and misleading.
The Company has received a deficiency notice from the NYSE
American that it does not meet the listing standards since the
Audit Committee is required to have at least three members who are
independent Directors on the Board. The Company currently has two
members on the Audit Committee with the resignation of Dr. Boniuk
and the return of Dr. Kulkarni. The Company anticipates that it
will shortly correct this deficiency with the appointment of an
additional independent director.
The Company's search for a new CEO is expected to come to
fruition very soon. Along with a new CEO joining, the Company also
anticipates adding another independent member to the Board of
Directors. This will restore compliance to listing
requirements as well as strengthen the Company's position in
pharmaceutical drug development. Meanwhile, the Board has extended
Dr. Anil Diwan's employment agreement for an additional three
years, providing continuity of leadership for the Company through
its anticipated clinical drug development process.
The Company further reports that it is progressing
satisfactorily in moving its first HerpeCide™ program candidate
towards human clinical trials, with no unforeseen obstacles. We are
dependent on external collaborations for this development, and
continue to optimize our work-plan to achieve the fastest possible
timelines with the given constraints and availability of resources.
The Company believes it will be able to begin making definitive
announcements regarding these developments within a short period of
time.
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage
company that is creating special purpose nanomaterials for viral
therapy. The Company's novel nanoviricide® class of drug candidates
are designed to specifically attack enveloped virus particles and
to dismantle them. The Company is developing drugs against a number
of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal
Influenza, HIV, oral and genital Herpes, viral diseases of the eye
including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue
fever, and Ebola virus, among others.
This press release contains forward-looking statements that
reflect the Company's current expectation regarding future events.
Actual events could differ materially and substantially from those
projected herein and depend on a number of factors. Certain
statements in this release, and other written or oral statements
made by NanoViricides, Inc. are "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond the Company's control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. The Company assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Important factors that could cause actual
results to differ materially from the company's expectations
include, but are not limited to, those factors that are disclosed
under the heading "Risk Factors" and elsewhere in documents filed
by the company from time to time with the United States Securities
and Exchange Commission and other regulatory authorities.
Although it is not possible to predict or identify all such
factors, they may include the following: demonstration and proof of
principle in pre-clinical trials that a nanoviricide is safe and
effective; successful development of our product candidates; our
ability to seek and obtain regulatory approvals, including with
respect to the indications we are seeking; the successful
commercialization of our product candidates; and market acceptance
of our products.
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SOURCE NanoViricides, Inc.