NanoViricides Prices $10.0 Million Underwritten Public Offering of Common Stock

SHELTON, CT / ACCESSWIRE / July 09, 2020 / NanoViricides, Inc. (NYSE American: (the "Company") a leader in the development of highly effective antiviral therapies based on a novel nanomedicines platform (the "Company"), today announced the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $10.0 million before deducting underwriting discounts and other estimated offering expenses. The proposed offering equates to 1,369,863 million shares of the Company's common stock at a price of $7.30 per share. No warrants will be issued in this offering. The Company intends to use the net proceeds from this offering for general corporate purposes and to fund ongoing operations.

The Company has also granted the underwriters a 45-day option to purchase up to 205,479 additional shares of common stock for potential additional gross proceeds of approximately $1.5 million before deducting underwriting discounts and other estimated offering expenses to cover over-allotments at the public offering price.

Kingswood Capital Markets, a division of Benchmark Investments, Inc., is acting as sole bookrunner for the offering.

This offering is being made pursuant to an effective registration statement on Form S-3 (File No. 333-237370) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on April 2, 2020. A final prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at .

Electronic copies of the final prospectus, when available, may be obtained by contacting Kingswood Capital Markets, Attention: Edward Tsuker, 17 Battery Place, Suite 625, New York, NY 10004, by email at , or by telephone at (212) 404-7002. Before investing in this offering, interested parties should read in their entirety the prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The Company believes this financing will provide valuable capital that will immediately help the Company advance its drug pipeline into human clinical trials. The Company anticipates filing an IND with the US FDA to advance its lead drug candidate, namely NV-HHV-101, into human clinical trials for topical dermal treatment of the shingles rash as the initial indication. In addition, the Company has been working on developing a broad-spectrum treatment for coronaviruses including SARS-CoV-2, which has caused the current pandemic.

The Company develops its class of drugs, that we call nanoviricides(R), using a platform technology. This approach enables rapid development of new drugs against a number of different viruses. A nanoviricide is a "biomimetic" - it is designed to "look like" the cell surface to the virus. The nanoviricide(R) 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. In addition, the nanoviricide technology also simultaneously enables attacking the rapid intracellular reproduction of the virus by incorporating one or more active pharmaceutical ingredients (APIs) within the core of the nanoviricide. The nanoviricide technology is capable of simultaneously (a) attacking extracellular virus, to break the reinfection cycle, and (b) disrupting intracellular production (replication) of the virus, thereby enabling complete control of a virus infection.

NanoViricides, Inc. () is a development stage company that is creating special purpose nanomaterials for antiviral therapy. The Company's novel nanoviricide(R) class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. Our lead drug candidate is NV-HHV-101 with its first indication as dermal topical cream for the treatment of shingles rash. The Company is in the process of completing an IND application to the US FDA for this drug candidate. The Company cannot project an exact date for filing an IND because of its dependence on a number of external collaborators and consultants, and the effects of recent COVID-19 restrictions.

The Company is also developing drugs against a number of viral diseases including oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others. NanoViricides' platform technology and programs are based on the TheraCour(R) nanomedicine technology of TheraCour, which TheraCour licenses from AllExcel. NanoViricides holds a worldwide exclusive perpetual license to this technology for several drugs with specific targeting mechanisms in perpetuity for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Rabies, Herpes Simplex Virus (HSV-1 and HSV-2), Varicella-Zoster Virus (VZV), Influenza and Asian Bird Flu Virus, Dengue viruses, Japanese Encephalitis virus, West Nile Virus and Ebola/Marburg viruses. The Company has executed a Memorandum of Understanding with TheraCour that provides a limited license for research and development for drugs against human coronaviruses. The Company intends to obtain a full license and has begun the process for the same. The Company's technology is based on broad, exclusive, sub-licensable, field licenses to drugs developed in these areas from TheraCour Pharma, Inc. The Company's business model is based on licensing technology from TheraCour Pharma Inc. for specific application verticals of specific viruses, as established at its foundation in 2005.

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. IND application refers to "Investigational New Drug" application. CMC refers to "Chemistry, Manufacture, and Controls".

Contact:
NanoViricides, Inc.

Public Relations Contact:
MJ Clyburn
TraDigital IR

SOURCE: NanoViricides, Inc.