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NanoViricides Inc., a West Haven, Conn.-based drug maker, has raised $5 million from a registered shelf offering.
The funding comes from backer Seaside 88 LP, which has also invested in Cytori Therapeutics Inc., Genergex Biotechnology Corp. and NovaDel Pharma Inc.
NanoViricides officials noted in a press release that the offering includes a securities purchase deal with Seaside for 500,000 shares of Series B preferred stock at $10 per share, as well as an option to buy another $5 million of NanoViricides’ Series B convertible preferred stock.
In March, the company filed documents indicating that it plans to raise up to $40 million through the occasional sale of company stock.
NanoViricides (OTCBB: NNVC.OB) is working on antiviral drugs for bird (avian) influenza, seasonal flu, HIV, Dengue fever and rabies. The company’s technology is based on a specially designed, flexible, nanomaterial that contains an encapsulated active pharmaceutical ingredient and targets it to a specific type of virus, like a guided missile.
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