Coronavirus outbreak gives drugmaker's $7.5M stock offering new attention
NanoViricides shares have soared 62.8 percent this week as the coronavirus spreads
Investors in NanoViricides’ secondary stock offering could make instant riches as shares have soared in the wake of the coronavirus outbreak in Wuhan, China.
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Shares of the West Haven, Connecticut-based biopharmaceutical company have soared 62.8 percent this week in anticipation the company could provide a treatment for the virus that has sickened 830 and killed 26, according to figures released Friday by China’s National Health Commission. The stock was higher Friday morning.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NNVC | NANOVIRICIDES | 1.36 | -0.02 | -1.45% |
Cases of coronavirus have also been found in the U.S., Japan, Korea, Singapore, Thailand and Vietnam. The World Health Organization said Thursday that while the coronavirus outbreak is an “emergency in China” it has “not yet become a global health emergency.”
NanoViricides has agreed to sell 2.5 million shares at $3 apiece, or 45 percent below where they settled on Thursday. The proceeds of the deal, which are expected to total $6.9 million before expenses, will be used for general corporate purposes, funding ongoing operations, expanding its business and to pay $200,000 of deferred development payments to TheraCour Pharma, which provides licenses for the treatment of viral human diseases, a Securities and Exchange Commission filing said.
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NanoViricides shares have gained 117.9 percent this year.