NanoViricides Inc., a West Haven antiviral drug developer, has drawn an additional $2.5 million investment from an obscure Florida partnership with a track record of financing North American biopharmaceutical startups.
Seaside 88 LP, of North Palm Beach, Fla., purchased an additional 250,000 shares of NanoViricides’ convertible preferred stock at $10 each. Seaside plans to convert $400,000 of the series B preferred to common stock on Jan. 3, with additional conversions occurring every two weeks afterwards.
NanoViricides CEO Eugene Seymour M.D. said the $2.3 million net proceeds boosts it to 24 months of cash on hand, enabling to continue developing drugs to combat a host of blood-borne human viruses, including swine and bird flu, HIV, oral and genital herpes, rabies and ebola.
The company says its treatment attacks viruses by enveloping and dismantling them.
According to NanoViricides, Seaside has financed several biopharma companies, including Cytori Therapeutics Inc. of San Diego, Calif.; Generex Biotechnology Corp., of Toronto, Canada; and NovaDel Pharma Inc. in New Jersey.
Seaside could not be reached for comment.
So low is Seaside’s corporate profile that visitors to its Web site need the company’s permission to enter.
