NanoViricides Inc. (NNVC)

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Press Release Source: NanoViricides, Inc.

NanoViricides, Inc. Preparing to Release Financials and File With SEC
Tuesday August 1, 7:05 am ET

WEST HAVEN, Conn.--(BUSINESS WIRE)--Aug. 1, 2006--NanoViricides, Inc. (Pink Sheets:NNVC - News), announced today that it is very close to releasing the financial data for the June 30, 2006 year end.

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The Company's CEO, Eugene Seymour, MD, MPH stated, "the Company has received numerous inquiries from its stockholders and others as to when we will release our financial data and complete the SEC filing to become a fully reporting company. We are now very close to accomplishing both of these objectives."

The Company also updated its shareholders as to the status of its financial audit. Mr. Leo Ehrlich, CFO, announced that "the Company's financial statements for our fiscal year end, June 30, 2006, have already been forwarded to our auditors, Holtz Rubenstein Reminick LLP. The auditors have sent out the confirmation requests and the audit review is in progress. We are now preparing for releasing the financials after a preliminary approval by the auditors."

The Company had intended to file with the SEC in 2005; however a discrepancy was found in the number of common stock shares claimed by certain earlier stockholders, resulting in a delay.

"The Company took decisive action and had the shares in question canceled, an outcome with a significant benefit to our shareholders. We are now focused on becoming an SEC reporting company," Mr. Ehrlich added further.

Mr. Ehrlich, continued, "In this week's edition of Barron's, there appears an interview with Dean LeBaron, Chairman of Virtualquest. Mr. LeBaron comments that 'Bird flu is likely to arrive in the United States before the end of the year' and on another question responds 'essentially we are very close to the breaking point where there is a particular class and set of drugs that will deliver individually targeted treatments and hopefully will revolutionize medicine.' I believe his opinions are representative of a significant number of fund managers. Once we become a reporting company, NanoViricides stock will be available for investment to a huge pool of potential new stockholders, including funds and institutional investors. This will help in funding the Company's facilities and drug development activities."

The Company continues to receive a number of questions from its stockholders at our email [e-mail]. We will attempt to answer them in forthcoming press releases.

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. NanoViricide 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.


Contact:

NanoViricides, Inc.
Leo Ehrlich, 917-853-6440
[e-mail]

Source: NanoViricides, Inc.