SHELTON, Conn., Nov. 15, 2016 /PRNewswire/ -- NanoViricides, Inc. (NYSE MKT: NNVC) (the "Company"), filed its quarterly report for its first quarter of financial year 2017 in a timely manner with the Securities and Exchange Commission on Monday, November 14th. The submission can be downloaded from the SEC website at www.sec.gov.
NanoViricides reported that it had approximately $22.1 Million (M) of current assets (cash, cash equivalents, and prepaid expenses) as of September 30, 2016, the end of the reporting period. The net cash used in operating activities during this quarter was approximately $2.2M. The Company's research and development (R&D) expenditure has increased as we advance towards human clinical trials. The Company estimates the current quarterly cash expenditure rate to be about $2.2M per quarter. Shareholder equity stood at approximately $23M for the quarter (unaudited figures). The Company estimates that it has sufficient cash in hand to last more than one year of operations at the current rate of expenditure. The Company estimates that the cash in hand is sufficient to enable us to perform initial human clinical trials of at least one of our drug candidates. The Company's expenditures during the reported period were on track with this expectation. The Company has eight different drugs in development, including four indications in the HerpeCide program. This deep and wide pipeline demonstrates the robustness of the nanoviricide® platform technology. Of these, the Company is currently focused on moving our topical drug candidates against different herpesvirus indications into human clinical trials as soon as possible.