NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), has filed its quarterly report with the Securities and Exchange Commission yesterday in a timely fashion.
“the Market Sizes for these diseases are anticipated to be in the billions of dollars. We were negotiating a license agreement for these viruses with TheraCour for some time now, and we have been able to execute it on terms that are extremely favorable for our shareholders.”
The Company reports that it had approximately $4.03M in cash and $313,000 in prepaid expenses as of December 31, 2009, the end of the reporting quarter. The shareholder equity stood at approximately $4.35M. In comparison, the Company had approximately $1.69M in cash, $321,000 in prepaid expenses, and $2.48M in shareholder equity as of the financial year ended June 30, 2009. The Company spent approximately $630,000 in Research and Development expenses (R&D) and $297,000 in General and Administrative expenses (G&A) in the reported quarter, in comparison to approximately $427,000 for R&D and $217,000 for G&A for the quarter ended December 31, 2008, one year ago. The Company has no long term debt.
The Company estimates that it currently has sufficient cash in hand to achieve the budgeted objectives through December 31, 2010.
In addition, the Company also reported that it has completed the signing of an additional licensing agreement for nanoviricides® drug candidates against Dengue viruses, West Nile virus, Japanese Encephalitis virus, epidemic kerato-conjunctivitis (EKC) causing viruses, Ebola, and Marburg viruses, with TheraCour Pharma, Inc. The terms for the license are similar to the prior license and the up-front compensation portion was paid in terms of restricted, preferred stock which has no current market and is convertible into shares of common stock only in the event of a change of control of the Company. There was no cash paid to TheraCour for the additional license agreement.
“We are now committed to developing a single broad-spectrum nanoviricide drug that attacks all four serotypes of dengue and their variants. We are also making progress in the development of a single broad-spectrum nanoviricide for many different viral infections of the external eye, including EKC and herpes keratitis,” he said further, explaining the additional license agreement that, “the Market Sizes for these diseases are anticipated to be in the billions of dollars. We were negotiating a license agreement for these viruses with TheraCour for some time now, and we have been able to execute it on terms that are extremely favorable for our shareholders.”
“We continue to be frugal and productive in our operations. The strong shareholder equity and cash holdings should enable us to move onto a National Stock Exchange,” said Eugene Seymour, MD, MPH, CEO of the Company, adding, “We have been preparing to apply for a listing on either NASDAQ or the American Stock Exchange (Amex).”