WEST HAVEN, Conn.--(BUSINESS WIRE)--NanoViricides, Inc. (NYSE MKT:NNVC) (the “Company”) responded to a baseless and inaccurate article posted on Seeking Alpha, a stock market analysis website, which obtains content from its members.
The article was filed anonymously by a person who identifies self as being short on NNVC stock and calls self “Pump Terminator”. Clearly the person has vested interests. The article refers to a “Whistleblower Document” and “Smoking Gun” as the source of the information posted in the article. The source document is a serial complaint filed by a single shareholder in the United States District Court of Colorado, a complaint which the same shareholder brought three times in Nevada state court and which was dismissed twice and which has been amended a total of seven times. The Colorado Complaint had been previously dismissed and NanoViricides has moved to dismiss the current complaint again. Noteworthy is that the Plaintiff’s attorney has asked the Colorado court to withdraw from the case.
Moreover, as it has done on each filing of the complaint, the Company denies the allegations in the complaint as well as the factual inconsistencies in the article. Each and every alleged covert and self-serving action was undertaken in compliance with all appropriate legal and disclosure requirements. Each transaction was believed to be fair and in the best interests of the Company’s shareholders and reported by the Company in its filings with the Securities and Exchange Commission. In addition, the Company is always mindful of its expenditures and believes that the compensation paid to its officers to be reasonable and its costs to have been immensely conservative given the number of drugs the Company has developed in its pipeline.
Dr. Seymour, the founder and Chief Executive Officer of NanoViricides, stated, “We are outraged at this unfounded and intentional attempt at deflating the Company’s stock price. We will have a more detailed response, in the near future, once we determine our options, including all legal action to determine the identity of the author, but we want to assure our shareholders and the market that the Company’s purpose is the same as always - to eradicate life-threatening viruses and increase shareholder value.”
Dr. Diwan, founder, President and Chairman of the Board commented, “This is a shameless attack from someone who neither understands the science nor the development work that has gone into nanoviricides® drug candidates. With very little money we have built a rich pipeline of drug candidates that are now getting closer to the clinic. I have personally taken high risks in making certain that the Company can continue to advance by undertaking the building of a highly specialized cGMP manufacturing facility at a time when NanoViricides did not have sufficient funds to be able to commit to this critical venture. All of the biological testing of our drug candidates is conducted by third parties. We are very happy to note that our drug candidates have been found to be safe and highly effective, and therefore worthy of clinical development.”
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for viral 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.