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Nanoviricides files to raise funds

Mon, 07/26/2010 - 10:38am
Mass High Tech: The Journal of New England Technology

Nanoviricides Inc., a Connecticut developer of drugs to fight challenging infectious diseases, has filed federal documents stating it is seeking to raise an indeterminate amount of funding in what appears to be a private investment in a public entity (PIPE).

According to the documents filed the U.S. Securities and Exchange Commission, Nanoviricides, which trades on the Over the Counter board under the ticker “NNVC,” is looking to place equity and options or warrants to purchase equity in the company to investors in chunks of at least $25,000 per investor. In addition to not filing an amount it is seeking, Nanoviricides also noted it as of yet has no backers in the planned fundraising.

In May, West Haven-based Nanoviricides said it had raised $5 million from a registered shelf offering from backer Seaside 88 LP, which has also invested in Cytori Therapeutics Inc., Genergex Biotechnology Corp. and NovaDel Pharma Inc. That deal included an option for Seaside to buy another $5 million of Nanoviricides’ Series B convertible preferred stock.

Last month Nanoviricides reported that early-stage cell culture studies show “significant efficacy” for the company’s anti-Dengue Fever drug candidates. The potential drugs aim to “fool” the dengue virus into thinking it has attached to a human cell, when it has in fact attached to an artificial nanotech cell instead.

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