Nanoviricides Inc. (OTC:NNVC) has been moving up since Friday. Yesterday, the stock continued to climb by adding another 
8.96% to its price, on a rather high traded volume.
Will NNVC hold the gain for longer? Considering the latest news by the company, probably it will.
Just yesterday, Nanoviricides reported that it has submitted a pre-IND Meeting Request to the US FDA for its anti-influenza clinical drug candidate. The company is hopeful for the approval, however, the result is yet to be seen.
In any case, whether the announcement will pump up NNVC stock price additionally will be seen shortly.
Apart from this news, not much data on Nanoviricides can be found lately. According to its 10-Q report, as of September 30, NNVC had an improved cash position, though its deficit accumulated during the development stage exceeded $24 million. At the same time, the loss from operations and the expenses were not covered.[BANNER]
While Nanoviricides continues to incur significant operating losses and has significant capital requirements, the company has been able to finance its business through the sale of its securities. Besides, NNVC has recently entered into a Securities Purchase Agreement and considers its capital sufficient to continue its business at least through Sept 30, 2013.
The only problem that investors should keep in mind is that all of the company’s funds come as additional financing or sale of NNVC common stock.
