Company seeks exclusive worldwide licensing of its novel drug to pharmaceutical with broad reach into multi-billion dollar worldwide market.
NanoViricides Inc. (OTCBB: NNVC), a development stage company specializing in nanomaterials for viral therapy, announced it has entered into a Material Transfer Agreement with a major and undisclosed pharmaceutical company (“Party”).
The essence of the agreement includes the evaluation of one of NanoViricides’ drugs by an independent consulting firm (ICF) chosen by the Party. The ICF will evaluate the efficacy potential of the drug to destroy viral infections of the eye common to the adenovirus and herpes virus (HSV). The agreement also specifies that if the results of the evaluation are favorable, the Party will continue in good faith discussions to contract a long-term, exclusive and worldwide licensing deal with West Haven, Conn.-based NanoViricides to further develop and commercialize the new drug.
“This agreement is the first step towards a potential licensing agreement,” said Eugene Seymour, CEO of NanoViricides. “It clearly signals that our technology is now attracting serious attention from major Pharma companies.”
Additional terms of the agreement and identity of the major pharmaceutical company involved in the agreement were not released.
NanoViricides notes the implications of the eradication of keratitis caused by HSV and adenoviruses can lead to prevention of corneal scarring, conjunctivitis (“pink eye”) and corneal transplants in the case of corneal scarring treatment. There is no cure or effective treatment for viral diseases of the exterior portion of the eye.
The company is optimistic the candidate drug under evaluation will also show efficacy against keratitis as it had showed against adenovirus-caused eye disease, which the company previously demonstrated in live animal test cases.
In a press release the company stated, “Based on computer modeling, the company believes that the broad-spectrum nature of the ligand used in this nanoviricide should enable it to be effective against HSV.”
The market for NanoViricides’ candidate drug is substantial, estimated to reach several billion dollars, worldwide. In the United States, severe cases of herpes keratitis are estimated to be 250,000. In Japan, the cases are estimated to surpass 1 million. Conjunctivitis cases in the United States possibly number into the tens of millions, and reaching into the hundreds of millions, worldwide.
About NanoViricides Inc. (OTCBB: NNVC)
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 H5N1 bird flu, seasonal Influenza, HIV, EKC, Hepatitis C, Rabies, Dengue fever and Ebola virus, among others.
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