WEST HAVEN, Conn., Jan. 21, 2015 /PRNewswire/ -- NanoViricides, Inc. (NYSE MKT: NNVC) (the "Company"), reported that between January 6 and 13, 2015, Anil Diwan, PhD, the Company's co-founder, President and Chairman, and Dr. Milton Boniuk, an independent member of the Board of Directors, separately purchased NanoViricides common stock in open market purchases, during one of the Company's open trading windows for insiders.
The insider purchases were reported on Form 4's with the Securities and Exchange Commission (SEC) and their combined purchases amounted to 62,392 shares of NanoViricides common stock in uncoordinated open market purchases. During one of the Company's open trading windows for insiders, Dr. Diwan purchased 37,392 shares and independently, Dr. Boniuk purchased 25,000 shares. Shares were purchased at the open market prices ranging between $2.54 and $2.75; prices that Dr. Diwan and Dr. Boniuk believe are a substantial discount to the Company's potential long term value.
For Dr. Diwan, the purchases were made using certain proceeds from the sale of the cGMP facility that was recently sold by Dr. Diwan's special purpose entity Inno-Haven, LLC to the Company, on a costs reimbursement basis, as reported previously. The original purchase of the building prior to extensive renovations was accomplished by Dr. Diwan using his personal savings, loans from other parties, and, in part, from the 10b5-1 sales of his founder shares of the Company's stock in 2011.
"Continuing purchases by insiders is a sign of confidence in the future of the Company," said Eugene Seymour, MD, MPH, Chief Executive Officer, "and reflects the on-going progress towards our goal of getting our drugs into humans as soon as possible."
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 which 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.
SOURCE NanoViricides, Inc.