Shelton-based antiviral drug developer NanoViricides has raised another $2 million from a single institutional investor, continuing a series of capital raises as the early-stage biotech works to fund operations and drug development.
The publicly traded company said it sold about 1.33 million shares of common stock, or equivalent securities, at $1.50 per share in a registered direct offering. The deal also included warrants allowing the investor to purchase an additional 1.33 million shares at $1.75 per share over the next three years.
NanoViricides said it plans to use the net proceeds for working capital, capital expenditures, research and development, clinical trial costs, and potential acquisitions or other strategic initiatives.
The latest raise follows a $6 million direct offering announced in November, when NanoViricides disclosed in a quarterly filing that it did not have enough cash to fund planned operations beyond mid-February without additional financing.
NanoViricides is developing experimental antiviral drugs, including its lead candidate, NV-387, which the company is preparing to test in mid-stage human trials as a potential treatment for mpox and other viral infections.
