Dallas, Texas 02/21/2014 (FINANCIALSTRENDS) – The nanomedicine development-stage company NanoViricides Inc(NYSEMKT:NNVC) has opted to convert a new leased facility under contract, to outright purchase, allowing it to scale its in-house production processes.
According to the CEO of NanoViricides Inc (NYSEMKT:NNVC), Dr.Eugene Seymour, the modern R&D Lab and cGMP Clinical Production facility at Shelton CT has a brief ownership history to it. Originally, Dr.Diwan who is one of the co-founders of NNVC had in his personal capacity and risk bought a property at Shelton in August 201 1. Meanwhile, NNVC search for a contractor who could deliver the exact processes required for the production of their products had become a challenge because of two factors.
First NanoViricides Inc (NYSEMKT:NNVC) holds a wealth of proprietary and novel production processes which requires heavy alterations in existing production houses. Therefore, NNVC found it unsettling to have to share the domain expertise to a third party as well as pay the costs of infrastructural changes as well.
Shelton to become NNVC owned property
NanoViricides Inc (NYSEMKT:NNVC) management has therefore found it highly attractive to move into the ex-Inno-Heaven LLC, which has now been tweaked to meet the technical requirements of NNVC, especially with regard to polymer molecule production facilities. NNVC too has now found it more profitable to convert the earlier lease agreement it held with Innvo-Heal to outright purchase of property especially after NanoViricidesInc (NYSEMKT:NNVC) could bring in necessary funds through debentures.
Earlier in Feb 2013, NNVC had been successful in raising $6 million from debentures.
NanoViricides Inc (NYSEMKT:NNVC)has also brought in additional funds as of January 2014 to ensure outright purchase of the facility. It is indeed been a fruitful journey for a company which began tentatively as the off-shoot of a reverse merger in 2005 to emerge as one of the lead players in the highly-advanced pharma and bio technology niche.