NanoViricides Inc (NYSEMKT:NNVC) shares were up 1.72% on Friday to $1.18 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.96 to $3.44. The company has a market cap of $69.86 million at 58.20 million shares outstanding.
In a recent letter from NanoViricides Inc CEO Dr. Eugene Seymour, the company outlined its latest developments and plans for the following year. It has moved operations to a new campus in Shelton, CT, which has fully integrated drug development and scale-up capabilities. The company also doubled the scientific staff engaged in drug development work in 2016.
“We can proudly say that our rate of expenditure and estimated total expenditures in developing each of our drug candidates is far lower than industry standards. This should increasingly reflect in NanoViricides market capitalization as we move further towards commercialization,” wrote Seymour. In addition, our first drug with significant revenues could lead to multi-billion dollar market capitalizations for the Company. And the valuation would only continue to grow as we advance more drugs through the clinical approval process into the marketplace.”
NanoViricides Inc has a total of eight drugs either under development or approaching clinical trials. In total, this could serve a market of as much as $40 billion. From a financial standpoint, the company’s internal projections and planning indicate that it has sufficient funding in hand to advance its first drug into human clinical trials. To be specific, the company has approximately $22M cash in hand as of September 30, 2016, with a cash expenditure rate of about $2.2M per quarter.
Its first drug candidate, shingles topical treatment in the HerpeCide program, is a drug that can save billions of dollars in healthcare costs and improve millions of lives. NanoViricides Inc is already in the process of putting together initial Phase I and Phase II human clinical trials designs. For now, they cannot provide a timeline on when these plans and trials might be completed but they intend to discuss the same with our regulatory consultants to further refine them, and thereafter with appropriate regulatory authorities and potential clinical trial sites to finalize them.
“The Company’s position heading into 2017 is stronger than ever. NanoViricides ended FY2016 on solid financial footing and has sufficient capital in hand to enable us to file at least one regulatory application and initiate human clinical trials in at least one of our drug programs,” the letter concluded.
NanoViricides Inc is a development-stage nano-biopharmaceutical company that has several drugs in various stages of development. It focuses on its research and clinical programs on specific anti-viral therapeutics and is engaged in the application of nanomedicine technologies to the issues of viral diseases.
Its nanoviricide technology enables direct attacks at multiple points on a virus particle. Aside from that, it also simultaneously enables attacking the intracellular reproduction of the virus by incorporating one or more active pharmaceutical ingredients within the core of the nanoviricide. As such, it attacks extracellular virus in breaking the reinfection cycle and simultaneously disrupting intracellular production of the virus, thereby enabling complete control of a virus infection.