SHELTON, Conn., Sept. 12, 2019 /PRNewswire/ -- NanoViricides,
Inc. (NYSE Amer.: 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
NanoViricides, Inc. (www.nanoviricides.com) is a development
stage company that is creating special purpose nanomaterials for
antiviral 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,
shingles and chickenpox, 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 preclinical
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. (FDA
refers to US Food and Drug Administration. EMA refers to the
European Union's office of European Medicines Agency.)
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SOURCE NanoViricides, Inc.