Yesterday NanoViricides, Inc. (OTC:NNVC) added some value after issuing a press release about a patent due to be issued today in the USA.
Initially the news didn’t seem to have much of an effect on trading although volume was higher than usual, but in the afternoon things heated up. In the end NNVC closed up 23.89% at $0.70 per share on approximately 671 thousand shares – more than three times the daily average.[BANNER]
According to NNVC the US Patent has been allowed with a significant range of claims to a large number of chemical structure composition families.
The patent is an important step in the development of NNVC. However, there is still a long way to go. NNVC is still in the development stage and doesn’t generate any revenues.
At the end of 2011 the company had enough cash on hand to sustain operations through 2012 and some time beyond, assuming NNVC keeps its current spending rate. It will be interesting to see whether the news is good enough to push the price higher than yesterday’s close.
