NanoViricides, Inc. (NYSE MKT:NNVC) opened its new R&D and cGMP pilot manufacturing facility with U.S. Congressman Jim Himes performing the ribbon cutting to inaugurate the facility on July 21, 2014.
NanoViricides, Inc. is a development stage company that is creating special purpose nanomaterials for viral therapy. The company’s novel nanoviricide® class of drug candidates is designed to specifically attack enveloped virus particles and dismantle them. The fully customizable manufacturing facility will enable cGMP to manufacture all nanoviricide® drug candidates in kilogram scale, sufficient for pre-IND and human clinical studies, which are expected to begin in early 2015. NanoViricides, Inc. is developing drugs to combat viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal influenza, HIV, oral and genital herpes, EKC and herpes keratitis, hepatitis C, rabies, dengue fever, and Ebola virus.
Investors, directors, company employees, and media gathered for an extensive tour of the state of the art biotechnology manufacturing facility. Congressman Himes discussed the potentially significant impact that a cutting edge pharmaceutical company like NanoViricides, Inc. could have, not only on Connecticut’s regional economy, but for the service of humanity. He spoke about influenza and HIV in particular, as viral diseases that continue to devastate globally, and the potential for nanoviricide® technology to create effective and unprecedented results. Himes even mentioned that the Nobel Peace Prize could be within reach.
President and Founder Anil Diwan conducted a tour of the 10,000 square foot facility.
Dr. Eugene Seymour, CEO of the company, offered closing remarks. He juxtaposed the extremely high levels of effectiveness observed in nanoviricide® drug candidates with the similarly dramatic effectiveness of penicillin. He followed this comparison with an anecdote about the remarkable and transformative powers of penicillin for the first U.S. patient treated at Yale University Hospital in 1942.
Seymour is not the only one betting big on the company. Earlier in July, Milton Boniuk, MD, the Caroline F. Elles Chair Professor of Ophthalmology at Baylor College of Medicine and a Director of NanoViricides, Inc., invested $5 million in the company in the form of a convertible debenture. Dr. Boniuk said that his confidence in the company has only continued to grow as he sees its management and execution from his role as Director.
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ofessor Boniuk also invested in earlier rounds of financing. The new financing brings his total investment to $12 million, both personally as well as from his charitable foundations and other interests. Dr. Boniuk joined the company’s Board as an independent director in May 2013, at the request of the company’s executives.
“My belief that the company’s potential is nothing short of amazing has only become stronger as I become more familiar with the company’s technology, programs, and achievements,” said Dr. Boniuk when asked about his continuing investments. The debenture is convertible into the company’s common stock and carries an interest at the rate of 10% per annum.