NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), reports that it has filed a “Universal Form S-3 Shelf Registration” with the Securities and Exchange Commission (SEC) for the sale from time to time of up to $40 million of its securities. The Company recently became eligible to file a shelf registration to register its securities. The registration statement has been filed with the SEC but has not yet become effective.
“This will be greatly beneficial to our shareholders and the Company.”
Once declared effective, the shelf registration will remain effective for a period of three years. During this time, the Company will have the ability to sell registered shares of its common stock, and other registered securities, to investors in accordance with the provisions of the registration statement. The Company plans to execute such sales, at its own discretion, from time to time based on perceived market conditions and our requirements for capital. The Company is not compelled to sell its common stock or other securities, in the future, under the shelf registration.
“The cost of capital will decrease significantly for the Company as a result of this registration,” said Eugene Seymour, MD, MPH, CEO of the Company, explaining, “This will be greatly beneficial to our shareholders and the Company.”
NanoViricides, Inc., like many other bio-pharmaceutical companies, is a pre-revenue company engaged in significant drug development work. The Company continues to attempt to raise the necessary financing in the public market. The Company believes that the cost of capital for instruments based on this shelf registration could be significantly lower than the typical private placement instruments that do not involve registered securities. However, the Company does not currently have any commitments or intentions to sell securities.
“We continue to be frugal in our development work,” Dr. Seymour further added, “This shelf registration will give us substantial flexibility for financing our planned future work.”