NNVC is a pink sheet stock that just did a toxic financing so I don't think it's a suitable candidate...
NanoViricides Announces Terms of Series A Convertible Debentures and Receives Partial Funding
Wednesday, July 13, 2005 10:57 ET
NEW YORK, Jul 13, 2005 (BUSINESS WIRE) --NanoViricides, Inc. (Pink Sheets:NNVC)(the "Company"), announced today the terms of its Series A Convertible Debenture offered to select Institutional and Accredited Investors.
The Debentures are to be repaid on the first anniversary, with interest at the rate of nine percent, which shall be paid quarterly in shares of the Company's common stock equal to the average closing price for the preceding fifteen trading days prior to the close of the respective quarterly period. The principal balance of the Debentures may be repaid, at the holders' option, in cash or a number of shares of common stock equal to seventy percent of the average closing price of fifteen trading days prior to maturity (not to exceed $.50 per share). The Company will have the right, but not the obligation, to redeem the Debentures, if at maturity, the holders' conversion price is less than $0.25 at the time of conversion. Any Debentures redeemed by the Company shall be paid in immediately available funds with interest at the rate of fifteen percent. If the Company registers any securities for public resale, holders who purchased Debentures will have the right to include any shares of common stock in the offering in such registration.
This press release does not constitute an offer or solicitation to sell or purchase any of the Company's securities. Any of the Company's securities offered will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act upon applicable exemptions from registration under the Securities Act.
Eugene Seymour, MD, CEO, said, "The financing, when completed, is anticipated to be sufficient to allow the Company to complete its HIV drug Hivicide 1(TM) preclinical work, and bring it to the point of applying for an IND with the Food and Drug Administration."
About NanoViricides - nanoviricides.com
NanoViricides, Inc. is a development stage company that is creating special purpose nanomaterials for viral therapy. NanoViricides, Inc. has exclusive license in perpetuity for technologies developed by Theracour Pharma for the five virus types - HIV, HCV, Herpes, Asian (bird) flu and Influenza. A NanoViricide(TM) is a nanoparticle that contains an encapsulated active pharmaceutical ingredient and targets it to a specific type of virus. When a NanoViricide(TM) drug particle enters the patient's blood stream, it attacks and immobilizes circulating virus particles. Once this is done, the active pharmaceutical ingredient is injected into the virus by the NanoViricide(TM) particle, destroying it. The company plans to develop novel NanoViricide(TM) drugs first against HIV, and anticipates that in 2006, it will license the products to major pharmaceutical companies.
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, 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, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
SOURCE: NanoViricides, Inc.
NanoViricides, Inc., New York
Leo Ehrlich, 917-853-6440
leo@nanoviricides.com
or
Anil R. Diwan, Ph.D.
adiwan@snet.net
Copyright Business Wire 2005
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