Connecticut biotech NanoViricides Inc. (OTC BB: NNVC) today issued a press release  stating that it is in a financially sound position, and that it is ready to advance its FluCide post-infection treatments through an IND submission with the U.S. Food and Drug Administration.
The company reported that it had more than $11.7 million in cash and and about $600,000 in liabilities as of July 31, which was four days after the company raised $2.5 million under a shelf registration with Seaside 88 LP. The offering follows a similar transaction  in April when NanoViricides took in $5 million from Seaside 88.
The West Haven company is targeting seasonal influenza, H1N1 swine flu, oral and genital herpes and H5N1 bird flu with its three drug candidates.
In today’s statement, NanoViricides  reported favorable results from animal tests, such as a 95 percent reduction in lung inflammation and necrosis. NanoViricides said it recently engaged Biologics Consulting Group Inc. to help with the development of its first pre-IND application to the FDA.