April 16, 2014: "The Company also reported that it is producing Injectable FluCide™, our most advanced drug candidate, at its existing facilities, in the large quantity needed for the Safety and Toxicology ("Tox Package") study. The strong safety observed in preliminary safety studies resulted in requirement of a very large quantity for the Tox Package study. Notably, the drug candidate was found to be safe even at the maximum feasible dosage level in a small animal study. The Company reports that it has successfully scaled up the production of injectable FluCide at its current facility." http://www.nanoviricides.com/press%20releases/2014/NanoViricides%20won%20the%20IAIR%20AWARD%20as%20Best%20North%20American%20Company%20for%20Leadership%20in%20the%20Nanomedicine%20Sector.html
WTF went wrong? Was this a lie or did the shit hit the fan?
Well over a year after the scale-up for TOX was supposedly completed, we're still hearing about bullshit progress toward scale.
In America, where every CEO is outrageously overpaid, the excuse is always, "I'm not overpaid compared to other American CEOs."
The levels of compensation are utterly out of line with a company that is many years behind its own schedules. This has all the look of, "I'd better get my money out now before this all blows up."
"The Company...is producing Injectable FluCide™...in the large quantity needed for the Safety and Toxicology ("Tox Package") study...The Company reports that it has successfully scaled up the production of injectable FluCide at its current facility."
That was from April 2014. How the hell is still working on scale-up considered "progress" when we were told well over a year ago that scale-up for TOX was already successful?
"The Company...is producing Injectable FluCide™...in the large quantity needed for the Safety and Toxicology ("Tox Package") study...The Company reports that it has successfully scaled up the production of injectable FluCide at its current facility." ~~NNVC in a PR on April 2014
"work continues steadily toward completing scale-up...Despite some uninformed sources - slow & steady steps forward are being taken" ~~drkazmd65 on July 2015, following his on-site visit to NNVC which exposed the April 2014 press release as bullshit.
"With multiple questionable stock promoters NNVC has pumped the stock +330% while heavily diluting shareholders and stealing NNVC out from under public investors as insiders siphoned off millions of dollars."
"NNVC shareholders seem unaware of this incriminating must-read document, written by a company insider and supporter, which outlines countless examples and allegations of NNVC managers Seymour and Diwan abusing shareholders and looting the company."
"First, NNVC does not own any of the intellectual property or patents under development by NNVC. 100% of NNVC's research, development and "technology" relies on licenses on the IP from Theracour. As a result, NNVC is literally nothing without the "Theracour Pharma, Inc" relationship."
"Diwan and Eugene seem to have deliberately used NNVC's cash to develop drugs for the benefit of Diwan's Theracour to which NNVC had no rights."
"Theracour can gouge NNVC for an arbitrarily decided "30% of direct cost" additional fee? As Diwan is 70% owner of Theracour, 70% of this money is his and how much cash he has received is not explained in the SEC filings."
"There is no excuse for a public company with more than a few million dollars to not be using a reputable big 4 auditor. NNVC shareholders should demand this to ensure their financial statements are reliable."
"Where is the truly independent analysis? Where are the big pharma companies knocking down their door with huge cash payments for exclusive research contracts like BIND?"
"NNVC shareholders are fed a steady diet of "imminent news," promises and promotion that never materialize into anything meaningful like this absurd 2009 press release about agreement with unnamed "Major Pharma" that turned out to be nothing."
"We estimate NNVC has only performed testing on ~5k animals which makes the ~$20m "spent" on R&D over the past 7 years also very questionable."
"We think NNVC should trade for less than cash given egregious dilution and cash burn (biotechs often trade for less than cash for these reasons) but even applying a generous premium to NNVC gives a per share value of less than $1 or -82% downside."
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