The financial aspects of costs to NNVC versus Inno-Haven (Diwan) don't seem to be well defined yet. One thing I was wondering about is it says that NNVC has retained these people, making it seem like they are paying for all the design and project management work. So far it seems like Inno-Haven owns the building, and will lease it to NNVC. What isn't clear is who is paying for the renovations / build-out.
NNVC said in their 10-K that "The building construction will be phased based on available financing, with priority for the cGMP facility build-out." Makes it seem like NNVC is financing the construction.
But then again the 10-K says that "Inno-Haven is expected to perform improvements to the facility to enable modern laboratory space and cGMP facilities for the manufacture of the Nanoviricides’ drug candidates."
More confusion when they say in the 10-K that "We expect to incur additional costs of approximately $10~15 million dollars in the upcoming twenty-four months to construct or obtain facilities to support an investigational new drug application filing with the FDA in accordance with our business plans."
and
"The Company projects it will need an additional $15 million for the costs of hiring additional scientific staff and consulting firms to assist with FDA compliance, material characterization, pharmaco-kinetic, pharmaco-dynamic and toxicology studies required for filing an IND and for constructing or obtaining facilities to support such application."
Which again makes it seem NNVC is footing the bill for construction.
But then this statement makes it seem clear NNVC is not paying "Further, we anticipate incurring additional capital costs in the upcoming eighteen months to construct or obtain facilities to support an initial new drug application filing with the FDA in accordance with our business plans. The Company has arranged for enabling cGMP production of its nanoviricides for the upcoming clinical studies without incurring any capital costs. A separate privately held company, Inno-Haven, LLC, raised funds privately to acquire a building in Shelton, CT. Inno-Haven intends to perform improvements and enable modern laboratory facilities and kg-scale pilot cGMP facility in this space."
How can you say you need money to construct or obtain facilities then say these facilities will be made available without incurring any capital costs?
Maybe the answer is NNVC will pay for design and management costs, but Inno-Haven will pay for the bulk of the construction work?
Once again, things are not clear to me about plans (financing needs) going forward.
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