NanoViricides, Inc. has announced the progression of its broad-spectrum antiviral drug candidate, NV-387, to Phase II clinical trials for respiratory syncytial virus (RSV) and monkeypox (MPOX). This advancement follows the filing of its Annual Report for the fiscal year ending June 30, 2024, with the Securities and Exchange Commission (SEC).
The company's financial status reveals both progress and challenges. As of June 30, 2024, NanoViricides reported cash and equivalents of approximately $4.97 million and total current liabilities of $1.36 million. The company utilized $6.31 million for operating activities, including costs associated with the Phase Ia/Ib clinical trial of NV-387. While NanoViricides raised $3.12 million through an At-the-Market offering and an additional $1.53 million subsequently, bringing available cash to approximately $9.5 million, it expressed substantial doubt about its ability to continue operations through September 2025 without additional funding.
NV-387: A Broad-Spectrum Antiviral
NV-387 has demonstrated promising preclinical results, showing superior activity against RSV, influenza, and poxviruses in animal models. Notably, the Phase Ia/Ib clinical trial in healthy subjects reported no adverse events. The drug candidate's mechanism of action involves mimicking sulfated proteoglycans (S-PG) to attack virus particles, a novel approach designed to address the issue of viral escape, a common problem with existing antiviral treatments.
According to NanoViricides, NV-387 treatment possibly completely cured lethal RSV infection in mice, based on indefinite survival of the animals with no lung pathology. The company also stated that NV-387 treatment was found to be substantially superior to three approved anti-influenza drugs, namely, oseltamivir (Tamiflu®), peramivir (Rapivab®), and baloxavir (Xofluza®).
Clinical Trial Plans and Regulatory Strategy
NanoViricides plans to advance NV-387 into Phase II clinical trials for MPOX, potentially under the MEURI (Monitored Emergency Use of Unregistered and Investigational Interventions) WHO protocol, given the ongoing epidemic in Central Africa. The company is also planning a Phase II clinical trial for RSV infection in adults as part of the regulatory process for pediatric RSV treatment registration.
Financial Outlook and Funding Strategies
Despite the clinical progress, NanoViricides faces financial hurdles. The company is actively exploring additional funding through non-dilutive grants and contracts, partnerships, and debt or equity financing. Securing sufficient funding is critical for achieving planned objectives, including the Phase II clinical trial of NV-387 for RSV indication in the USA.
Dr. Anil Diwan, the founder and President of NanoViricides, has provided an increased line of credit of $3 million, up from $2 million, to support the company's operational expenses.
About NanoViricides, Inc.
NanoViricides, Inc. is a clinical-stage company focused on creating special-purpose nanomaterials for antiviral therapy. Its nanoviricide™ technology, licensed from TheraCour Pharma, Inc., forms the basis for its drug candidates targeting various viral infections, including RSV, COVID, influenza, and MPOX/smallpox.
