NanoViricides raises $5 million through shelf offering
Antiviral drug developer NanoViricides (OTCBB:NNVC) said Wednesday it has raised $5.0 millon, drawing down on its previously announced shelf offering, a type of offering that can be prepared in advance to allow quick access to funds.
The company received the financing from a single investor, a Florida-base LP, Seaside 88, which had previously provided NanoViricides with a $10m investment.
Under the terms of the agreement, Seaside will purchase up to 500,000 shares of NanoViricides Series B preferred stock at a purchase price of $10.00 per share. The Series B preferred stock is convertible into a number of shares of the company's common stock every two weeks, it said.
Yesterday, Seaside purchase an initial 250,000 shares for $2.5 million.
"We are pleased with the continuing support and confidence in the company that Seaside has demonstrated with this investment," said president Anil R. Diwan, PhD.
"We are now in a better financial state in terms of being able to take our drug development programs towards the clinical studies stage."
NanoViricides develops antiviral therpies using nanomaterials. 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 (HSV), and Hepatitis C, among others.
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