February 28, 2013

CT's NanoViricides still flush despite $2M payout

NanoViricides Inc. says its $2 million payment to retire preferred stock held by one of its biggest stockholders still leaves the West Haven antiviral developer with more than two years' worth of liquidity to fund ongoing drug trials.

Chairman Anil R. Diwan said NanoViricides' board recently approached investor Seaside 88 LP about buying back its series C preferred, which was convertible over a period into common stock.

After the payment to Seaside, including accrued interest, NanoViricides says it still has $18 million of cash plus prepaid expenses in hand.

Diwan said that's enough to finance the company's operations for the next two years, including development of an anti-flu drug and construction of a new facility in Shelton.

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