WEST HAVEN, Conn. -- (BUSINESS WIRE) -- NanoViricides, Inc. (NYSE MKT:NNVC) (the "Company") has won the prestigious “IAIR Award” as the “Best North American Company for Leadership in the Nanomedicine Sector.”
The invitation-only award ceremony and gala dinner for the “IAIR Awards - North America” was held at the Yale Club in New York City on Tuesday, April 15th, 2014. IAIR (International Alternative Investment Review) is a publication of EDITRICE LE FONTI® SRL, Milan, Italy.
“We always knew that we are leaders in nanomedicines,” said Anil R. Diwan, PhD, Chairman and President, accepting the award on behalf of the Company, “It is great to be recognized internationally as being the leader by IAIR.”
In another news, the Company reported today that construction of its modern R&D Lab and cGMP Clinical Production facility in Shelton, CT, is nearing completion. The construction of the R&D Lab sections is nearly complete, and construction of the cGMP section is in the final stage. The Company anticipates completion of this total renovation of the facility by June, 2014. Thereafter the project will enter facility testing and validation phase. The Company reports that there have been certain weather related delays that have also affected delivery of certain special equipment.
The Company also reported that it is producing Injectable FluCide™, our most advanced drug candidate, at its existing facilities, in the large quantity needed for the Safety and Toxicology (“Tox Package”) study. The strong safety observed in preliminary safety studies resulted in requirement of a very large quantity for the Tox Package study. Notably, the drug candidate was found to be safe even at the maximum feasible dosage level in a small animal study. The Company reports that it has successfully scaled up the production of injectable FluCide at its current facility.
In addition, the Company reports that all of its drug development programs are progressing satisfactorily.
Our Injectable FluCide broad-spectrum anti-influenza treatment is designed for treating severe influenza in hospitalized patients. There are approximately 300,000 cases of hospitalization by Influenza or Influenza-like-illness (ILI) in the USA alone, in non-pandemic years, with approximately 30,000 deaths annually. The Company anticipates that our highly effective anti-influenza drug could reduce the extent of hospitalization significantly, thereby providing multi-billion-dollar savings to the healthcare system.
The market for such an effective drug for hospitalized influenza cases alone has been estimated at about $1Bn worldwide. The Company believes that when the drug becomes available for use, the initial demand for our injectable FluCide for treating hospitalized cases could be satisfied from production at our new cGMP facility. Currently, no effective therapy exists for severe or hospitalized influenza.
IAIR Awards (www.iairawards.com) is one of the world's leading ranking and prize for excellences in global economy and sustainability. It is made up of the scientific committee of IAIR® and IAIREVIEW.org along with a team of dedicated legal, economic and financial journalists in over 120 countries worldwide. We conduct an online survey through our 50,000+ readers to provide to our judging panel which is composed of the editorial staff of IAIR - Excellence in Global Economy and Sustainability and International Family Office Magazine to make the selection of the final award winners. The main part of the evaluation, therefore, is obtained from the online survey and our readers' votes. The judging panel is composed of the editorial staff of IAIR - Excellence in Global Economy and Sustainability and International Family Office Magazine. The judging panel is impartial and seeks to reward genuine and outstanding success and performance in the global finance and global economic field. EDITRICE LE FONTI® SRL (IAIR® GROUP / IAIR AWARDS®) is a research institute and a global independent publishing house headquartered in Milan with more than 10 years of experience in the publishing field. It publishes IAIR (International Alternative Investment Review) and IAIREVIEW.ORG.
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for antiviral therapy. The Company's novel nanoviricide® class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. The Company is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by NanoViricides, Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Although it is not possible to predict or identify all such factors, they may include the following: demonstration and proof of principle in pre-clinical trials that a nanoviricide is safe and effective; successful development of our product candidates; our ability to seek and obtain regulatory approvals, including with respect to the indications we are seeking; the successful commercialization of our product candidates; and market acceptance of our products.