NanoViricides Inc (NYSEAMERICAN:NNVC) has submitted a quarterly filing for its Q3 2020 with the SEC after previously requesting a filing extension for the report due to COVID-19.
The company also announced the release of its Form 10-Q filing on June 22. NanoViricides disclosed through the filing that it holds $6.44 Million in current assets, which includes prepaid expenses, cash, and cash equivalents. The biopharma also revealed that it had cash liabilities worth $1.14 million as per the end of its Q3 financial quarter on March 31, 2020.
Nanoviricides also revealed that it withdrew $1.1 million from a non-convertible loan commitment worth $2 million in May. The loan facility was secured through a mortgage, and it was provided by the company’s founder, Anil R. Diwan. The company also revealed that it had $14.31 million in shareholder equity.
Nanoviricides also managed to raise $8.625 million through an underwritten public offering. The company also believes that it currently has enough cash to support its expenditure for the coming financial year.
Nanoviricides makes progress with its coronavirus candidate
The company previously revealed that it was developing a treatment for combatting the coronavirus. It revealed in the recent update that the treatment demonstrated seven times more effective compared to favipravir, a broad spectrum analog treatment under development for treating COVID-19. Nanoviricide revealed in May that the treatment proved to be quite effective in an animal model of the coronavirus.
Tests that Nanoviricides conducted in the recent past also revealed that the pipeline COVID-19 treatment is effective against two different strains of coronaviruses. It believes that the findings are quite significant, especially because it proves that the company is on the right track.
Nanoviricides is particularly confident and excited about the treatment because of its mechanism. Most developmental treatments for the coronavirus are proving ineffective because the immune system, especially in patients in severe condition, is already too weakened to fight off the virus. Nanoviricides use a mechanism that traps the virus, thus allowing the immune system to recover. The treatment has the potential to be a game-changer in combatting COVID-19.