NanoViricides reports $2.95M in cash, $305,000 in prepaid expenses for quarter ended March 31, 2010

NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), has filed its quarterly report with the Securities and Exchange Commission on Thursday, May 20th, in a timely fashion.

“We are now planning to speed up our drug development programs, towards filing certain pre-Investigational New Drug applications with the US FDA”

The Company reported that it had approximately $2.95M in cash and $305,000 in prepaid expenses as of March 31, 2010, the end of the reporting quarter. The shareholder equity stood at approximately $3.55M. In comparison, the Company had approximately $4.03M in cash, $313,000 in prepaid expenses, and $4.55M in shareholder equity as of the quarter ended December 31, 2009. The Company spent approximately $1,583,000 in Research and Development expenses (R&D) and $800,000 in General and Administrative expenses (G&A) in the reported quarter, in comparison to approximately $630,000 for R&D and $297,000 for G&A for the previous quarter ended December 31, 2009. The Company's rate of cash expenditure was in line with the Company's budgeted targets. The Company has no long term debt.

The Company has raised an additional $5M (net proceeds of approximately $4.51M) in capital subsequent to the reporting period, drawing from a universal shelf registration that became effective recently. The Company estimates that it currently has sufficient cash in hand to achieve the budgeted objectives through December 31, 2011. As a result of this financing, the Company believes that it should now meet the capital requirements of certain national exchanges.

The Company summarized the progress it has made in the last quarter. The Company now has a filed and effective "universal" shelf registration for the sale of up to $40M of the Company's securities. This universal shelf registration is expected to remain effective for up to three years. The Company has finalized several new research and testing agreements which included Dr. Ken Rosenthal at the North East Ohio Universities College of Medicine (NEOUCOM) for oral and genital Herpes, the University of California at San Francisco (UCSF; with Dr. Cheryl Stoddart as the principal investigator) for HIV in vivo studies, and Dr. Eva Harris Laboratory at the University of California at Berkeley (UCB) for Dengue viruses. The Company expects to announce the results of certain studies, that are already in progress, as soon as possible.

"We believe that our strong shareholder equity and cash position should enable us to meet the listing standards of a National Stock Exchange," said Eugene Seymour, MD, MPH, CEO of the Company.

"We are now planning to speed up our drug development programs, towards filing certain pre-Investigational New Drug applications with the US FDA," said Anil R. Diwan, PhD, President of the Company, "The Company's universal shelf registration should enable us to access the additional financing, as needed, for accelerating our programs."