NanoViricides closes $2M direct offering

NanoViricides (NYSE-A:NNVC) announced the closing of its previously disclosed registered direct offering, raising about $2 million in gross proceeds before fees and expenses.

The clinical-stage antiviral drug developer sold about 1.3 million shares of common stock, or pre-funded warrants in lieu of shares, along with accompanying warrants to purchase an additional roughly 1.3 million common shares.

The offering was made to a single institutional investor at a combined purchase price of $1.50 per share and accompanying warrant.

The accompanying warrants carry an exercise price of $1.75 per share. They will become exercisable six months after issuance and expire three years later.

NanoViricides said the offering generated aggregate gross proceeds of approximately $2 million prior to deducting placement agent fees and other related expenses.

D. Boral Capital LLC served as the exclusive placement agent for the transaction.

NanoViricides is developing broad-spectrum antiviral therapies using its host-mimetic nanomedicine platform technology.

Shares of NanoViricides were up 3.3% as afternoon trade kicked off.