A director of West Haven’s NanoViricides has invested $5 million in the development-stage drug maker, the company announced.
Dr. Milton Boniuk, who is a professor at Baylor College of Medicine and has been a director since May 2013, made the investment in the form of convertible debt, which is a loan that can later be converted to stock at $5.25 per share.
The four-year financing carries an annual interest rate of 10 percent per year. NanoViricides issued 187,000 shares of its preferred stock to Boniuk on Tuesday as an initial interest payment. That award is not convertible or tradable.
The company said Boniuk’s investment comes on top of previous investments totaling $7 million.
NanoViricides’ drug pipeline includes treatments for influenza, dengue fever, HIV and herpes.
