NanoViricides Inc. (NNVC)

[BonelessCat]

NanoViricides, Inc. Retires 833,600 Shares
Wednesday April 19, 1:10 am ET
Company Finalizes Agreement Regarding Return of Unauthorized Stock and Cancellation of Options

NEW HAVEN, Conn.--(BUSINESS WIRE)--April 19, 2006--NanoViricides, Inc. (NNVC.PK), a biopharmaceutical company specializing in unique antiviral treatments that utilize its patented nanomicelle, today announced several first-quarter updates.

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CEO Eugene Seymour, MD MPH, announced today that he has signed an agreement with the owners of the original shell company regarding their unauthorized issuance of stock during the transfer process. The original shell owners have agreed to return to the Company their unauthorized 833,600 shares for immediate cancellation. In addition, they agreed to cancellation of 700,000 of their options.

"The fact that the dispute is finally settled," stated Dr. Seymour, "means that we can now ready the company for its move to another exchange."

The agreement enables NanoViricides, Inc. to proceed with the previously planned financial audit and subsequent submission to the SEC. Once NanoViricides, Inc. becomes a reporting company it can then apply for a move to the Bulletin Board (OTCBB) exchange. The Company will then be eligible to apply to the NASDAQ when NASDAQ's financial and stock price requirements have been met.

About NanoViricides - http://www.nanoviricides.com

NanoViricides, Inc. is a development stage company that is creating special purpose nanomaterials for viral therapy. A nanoviricide(TM) is a specially designed, flexible, nanomaterial that contains an encapsulated active pharmaceutical ingredient and targets it to a specific type of virus, like a guided missile. NanoViricides, Inc., drugs are designed to block and dismantle the virus particles before they can infect a cell, thereby controlling viremia. This is a completely novel approach that is proving to be superior to existing approaches.

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially and substantially from those projected herein and depend on a number of factors including the success of the Company's research and development strategy, the availability of adequate financing, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process.