
NanoViricides, Inc. Has Filed its Quarterly Report: Broad-Spectrum Antiviral NV-387 To Combat MPox Pandemic in Africa - Phase II Clinical Trial Update, Also Readying to Combat Measles Outbreaks, and to Tackle Bird Flu
SHELTON, CT / ACCESS Newswire / May 16, 2025 / NanoViricides, Inc. (NYSE Amer.:NNVC) (the "Company"), reports that it has filed its Quarterly Report on Form 10-Q for the quarter ending March 31, 2025 with the Securities and Exchange Commission (SEC) on Thursday, May 15, 2025. The report can be accessed at the SEC website (https://www.sec.gov/Archives/edgar/data/1379006/000141057825001336/nnvc-20250331x10q.htm) .
NV-387 - Phase II Clinical Trial to Treat MPox Infection - Unmet Medical Need
We reported that we submitted requisite due diligence information to the National Ethics Committee of the Democratic Republic of Congo (DRC) including a draft report from the Phase I clinical trial for the safety and tolerability of oral formulations of NV-387, the summary information from our studies for treatment of lethal MPox infections in animal models, as well as summary information on the manufacturing.
The National Ethics Committee found that the provided information was sufficient to justify a Phase II clinical trial, and has cleared us to file a Phase II Clinical Trial Application for the Use of Oral NV-387 for the Treatment of MPox Disease Caused by the hMPXV virus, subsequent to the reporting period.
We also reported that we have commissioned manufacture of clinical trial quantities of NV-387 drug substance and the corresponding NV-387 oral gummies formulations drug products at our own cGMP compliant facility in Shelton, CT.
We are now preparing the Phase II Clinical Trial Application for NV-387 to combat MPOX for submission to the DRC regulatory agency.
There is no drug available for the treatment of MPox disease. The MPox Clade 1a/1b viruses have a substantially greater fatality rate than COVID, at 3-4%, and Clade 1b has been disproportionately affecting pediatric populations.
The MPox Disease which is caused by hMPXV Clade 1a/1b virus infection was initially declared a Public Health Emergency of International Concern (PHEIC) by the WHO in August 2024, a designation that has been continued to stay in effect in April 2025, due to the severity of the pandemic in WHO African Region.
Spillover cases of MPox Clade 1a/1b have occurred in several Eastern and Western countries already, raising the probability that the epidemic may spread more widely, although the current MPox virus is not as communicable as Coronaviruses or Measles virus.
MPox Clade 2 spilled over from Africa into the Western World in a small pandemic during 2022, and has become endemic with several cases occurring every year in many countries, driven primarily by sexual contact. MPox Clade 2 causes much less severe disease than the Clade 1a and 1b viruses.
MPox/Smallpox drug represents a billion dollar market globally, should an effective drug be developed, because of potential biosecurity implications.
NV-387 as Treatment for Measles Virus Infection - Unmet Medical Need
Upon finding significant rationale that NV-387 would be potentially highly effective against the Measles virus, we have initiated a program to evaluate NV-387 in a humanized animal model of Measles lethal infection.
The Measles outbreaks in the USA have continued to grow since January, 2025, and have crossed 1,000 confirmed cases as well as 3 deaths. Measles cases have been increasing year over year in the USA, especially after the COVID pandemic substantially resolved with the SARS-CoV-2 becoming an endemic virus. In Europe, over 35,000 cases of Measles have been reported in 2024 according to the European CDC.
A 95% vaccination coverage is required to eliminate Measles virus. This has become a practically impossible goal because of several factors, among them: (i) Vaccine Hesitancy as a rebound public response because of compulsion of COVID vaccine shots multiple times; (ii) Religious Vaccine Prohibitions in certain communities, including certain Jewish religious communities, Mennonites, and other conservative religious communities; (iii) Increasing immune function disability in the general population due to chronic diseases such as Diabetes, Obesity, Cardiac Issues, Autoimmune Diseases, Allergies, etc. wherein the person upon vaccination would not develop strong enough immunity and would become a carrier if infected; (iv) Vaccine Failure caused primarily by a variety of immune function disabilities.
The Measles vaccination rates across the world, and particularly in European countries and the USA have dipped well below 95% on average, and much lower in specific areas, and vaccine breakout cases i.e. Measles disease in vaccinated persons, have also increased substantially, as seen from the ECDC statistics [1] , [2] .
It is therefore essential to develop a drug to treat Measles in order to combat these outbreaks and achieve full control over the public health situation. There is no drug available for treatment of Measles.
We strongly expect that NV-387 would be effective against Measles. This is because NV-387 cured lethal RSV infection in an animal model. RSV and Measles both are paramyxoviruses, and both use HSPG as the Attachment Receptor, and then transfer to their respective Cognate Receptor that is needed for cell fusion. NV-387 was designed to present to the virus like a cell that displays HSPG-mimetic small chemical ligands on its surface, thereby providing the attachment-receptor-mimetic landing sites for the virus, capturing, engulfing, and destroying it. (HSPG = Heparan Sulfated Proteoglycans).
NV-387 as Treatment for Bird Flu, H5N1, H7N9 - Unmet Medical Need
We have previously found that NV-387 was substantially more effective than the existing stockpiled influenza virus treatments including Tamiflu (oseltamivir) and Xofluza (baloxavir) in lethal animal models of Influenza virus lung infection.
Given the extremely broad antiviral activity spectrum of NV-387, and knowing that the Highly Pathogenic Avian Influenza (HPAI) viruses such as H5N1 and H7N9 have polybasic sequences in their H-protein that bind to HSPG, we believe NV-387 would be effective against Bird Flu viruses.
Influenza viruses mutate rapidly, and also exchange their full genomic RNA segments with other co-infecting viruses ("Re-assortment"), or copy portions of a different genomic sequence into their own RNA ("Re-combination"). Thereby an Influenza virus can acquire new traits such as (i) rapid communicability from person-to-person, and (ii) readily escaping vaccines, antibodies, and the small chemical drugs such as oseltamivir and baloxavir.
NV-387, we believe, fulfills the unmet medical need for a pan-Influenza drug that the Influenza virus would not be able to escape, because the virus does not lose its ability bind to HSPG as Attachment Receptor and then to Sialic Acid Receptors leading to cell fusion and infection.
A severe version of H5N1 is widely circulating in the wild birds, and has caused sporadic losses of entire poultry farm houses. This, and a mild version of H5N1 have infected thousands of dairy herds in the USA. The H5N1 virus is only a few mutations away from becoming highly communicable from person to person, and if that comes to bear, we would be facing a pandemic possibly worse than COVID-19.
It is well established now that vaccines, antibodies, and small chemical drugs do not provide the ability to stall an outbreak let alone a pandemic caused by a highly variable virus such as a Coronavirus or an Influenza virus.
We believe NV-387 will be ready to fight any human outbreaks of H5N1 under emergency use protocols for investigational drugs.
Company Financials
We reported that, as of March 31, 2025, we had cash and cash equivalent current assets balance of approximately $2.73 Million. In addition, we reported approximately $6.98 Million in Net Property and Equipment (P&E) assets (after depreciation). The strong P&E assets comprise our cGMP-capable manufacturing and R&D facility in Shelton, CT. The total current liabilities were approximately $1.20 Million.
The net cash utilized during the nine months ended March 31, 2025 was approximately $6.78 million. This included certain non-recurring expenditures including R&D expenditures in preparation for a Phase II clinical trial application. We raised approximately $4.57 million net of commission and certain expenses in an At-the-Market offering ("ATM") during the nine months ended March 31, 2025.
We have approximately $5.7 million (approximately $4.5 million net of current liabilities) available for cash operational expenses going forward including an available line of credit of $3 million provided by our founder and President Dr. Anil Diwan. As such, we reported that we do not have sufficient funding in hand to continue operations through February 14, 2026, for our planned objectives that include (i) a Phase II clinical trial of NV-387 for MPOX in Central Africa, (ii) a Phase II clinical trial of NV-387 for Viral Acute and Severe Acute Respiratory Infections (V-ARI and V-SARI), and (iii) Preparation and pre-IND filing for a Phase II clinical trial of NV-387 for RSV indication in the USA. We have access to the aforementioned ATM Equity Offering, and we believe we will have access to the equity markets to raise the funds necessary for our current objectives. We continue to re-prioritize our programs in line with available resources.
NV-387 - Phase I Clinical Trial Completed Successfully with No Reported Adverse Events
NV-387 has successfully completed a Phase Ia/Ib clinical trial in healthy subjects with all subjects discharged as of end of December, 2023. There were no adverse events reported. We are now awaiting a final report of this Phase I clinical trial.
NV-387 A Potentially Revolutionary Antiviral Drug that the Viruses are Unlikely to Escape
Our host-mimetic, direct-acting, broad-spectrum, antiviral agent. NV-387 was found to have activity that surpassed the activity of known agents in lethal virus infection animal model trials for COVID, RSV, Influenza, and Mpox/Smallpox.
In fact, we found that NV-387 treatment possibly completely cured the lethal RSV infection in mice, based on indefinite survival of the animals with no lung pathology. There is currently no treatment for RSV infection. In particular, pediatric RSV infection treatment is an unmet medical need that we believe is of critical importance. Pediatric RSV treatment itself is expected to be a multi-billion-dollar market in the USA alone.
NV-387 treatment was found to be substantially superior to three approved anti-influenza drugs, namely, oseltamivir (Tamiflu®, Roche), peramivir (Rapivab®, Biocryst), and baloxavir (Xofluza®, Shionogi/Roche).
Additionally, NV-387 also demonstrated activity against lethal poxvirus infection animal models that was on par with or superior to the approved drug tecovirimat (TPOXX®, SIGA).
NV-387 acts by a mechanism that is significantly different compared to the tested existing antiviral agents for COVID, Influenza and Poxviruses.
This demonstrated broad-spectrum activity of NV-387 against widely varying viruses is because NV-387 is designed to attack the virus particle by mimicking sulfated proteoglycan (S-PG) feature, and all of these viruses are known to utilize heparan sulfate proteoglycans for gaining cell entry.
Further, for all of these tested viruses, even as the virus genome changes in the field, NV-387 is expected to continue to be effective, and the virus would be highly unlikely to escape NV-387. This is because despite all of the genomic changes, the virus continues to use HSPG, as is well known. Thus NV-387 solves the greatest problem in antiviral countermeasures; the problem of virus escape. Viruses are known to escape all of the current antiviral tools that include vaccines, antibodies, and small chemical drugs.
Thus we anticipate that NV-387 would revolutionize the treatment of viral infections reminiscent of how penicillin revolutionized the treatment of bacterial infections.
NV-387 Regulatory Strategy
In the ensuing year, we plan on advancing NV-387 into Phase II clinical trials. In addition to the Phase II clinical trial to assess effectiveness of NV-387 in treating MPox infections, we are also planning to advance NV-387 into a Phase II clinical trial for treatment of Viral Acute Respiratory Infections (V-ARI), and Viral Severe Acute Respiratory Infections (V-SARI). This clinical trial is expected to provide information on NV-387 effectiveness in treating Influenza viruses, Coronaviruses (including SARS-CoV-2/COVID) as well as RSV.
Thereafter we are planning a regulatory program for advancing NV-387 as the treatment of pediatric RSV infection.
We plan on advancing the regulatory processes for NV-387 registration for other indications including Influenza and COVID via partnerships and non-dilutive funding.
As we meet the milestones, we believe we will be able to raise financing for further regulatory activities for NV-387 registration via non-dilutive grant funding, partnership revenues, as well as equity-based funding.
About NanoViricides
NanoViricides, Inc. (the "Company") ( www.nanoviricides.com ) is a clinical stage company that is creating special purpose nanomaterials for antiviral therapy. The Company's novel nanoviricide™ class of drug candidates and the nanoviricide™ technology are based on intellectual property, technology and proprietary know-how of TheraCour Pharma, Inc. The Company has a Memorandum of Understanding with TheraCour for the development of drugs based on these technologies for all antiviral infections. The MoU does not include cancer and similar diseases that may have viral origin but require different kinds of treatments.
The Company has obtained broad, exclusive, sub-licensable, field licenses to drugs developed in several licensed fields from TheraCour Pharma, Inc. The Company's business model is based on licensing technology from TheraCour Pharma Inc. for specific application verticals of specific viruses, as established at its foundation in 2005.
Our lead drug candidate is NV-387, a broad-spectrum antiviral drug that we plan to develop as a treatment of RSV, COVID, Long COVID, Influenza, and other respiratory viral infections, as well as MPOX/Smallpox infections. Our other advanced drug candidate is NV-HHV-1 for the treatment of Shingles. The Company cannot project an exact date for filing an IND for any of its drugs because of dependence on a number of external collaborators and consultants. The Company is currently focused on advancing NV-387 into Phase II human clinical trials.
The Company is also developing drugs against a number of viral diseases including oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others. NanoViricides' platform technology and programs are based on the TheraCour® nanomedicine technology of TheraCour, which TheraCour licenses from AllExcel. NanoViricides holds a worldwide exclusive perpetual license to this technology for several drugs with specific targeting mechanisms in perpetuity for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Rabies, Herpes Simplex Virus (HSV-1 and HSV-2), Varicella-Zoster Virus (VZV), Influenza and Asian Bird Flu Virus, Dengue viruses, Japanese Encephalitis virus, West Nile Virus, Ebola/Marburg viruses, and certain Coronaviruses. The Company intends to obtain a license for RSV, Poxviruses, and/or Enteroviruses if the initial research is successful. As is customary, the Company must state the risk factor that the path to typical drug development of any pharmaceutical product is extremely lengthy and requires substantial capital. As with any drug development efforts by any company, there can be no assurance at this time that any of the Company's pharmaceutical candidates would show sufficient effectiveness and safety for human clinical development. Further, there can be no assurance at this time that successful results against coronavirus in our lab will lead to successful clinical trials or a successful pharmaceutical product.
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by NanoViricides, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Although it is not possible to predict or identify all such factors, they may include the following: demonstration and proof of principle in preclinical trials that a nanoviricide is safe and effective; successful development of our product candidates; our ability to seek and obtain regulatory approvals, including with respect to the indications we are seeking; the successful commercialization of our product candidates; and market acceptance of our products.
The phrases "safety", "effectiveness" and equivalent phrases as used in this press release refer to research findings including clinical trials as the customary research usage and do not indicate evaluation of safety or effectiveness by the US FDA.
FDA refers to US Food and Drug Administration. IND application refers to "Investigational New Drug" application. cGMP refers to current Good Manufacturing Practices. CMC refers to "Chemistry, Manufacture, and Controls". CHMP refers to the Committee for Medicinal Products for Human Use, which is the European Medicines Agency's (EMA) committee responsible for human medicines. API stands for "Active Pharmaceutical Ingredient". WHO is the World Health Organization. R&D refers to Research and Development.
Contact:NanoViricides, Inc.info@nanoviricides.com
Public Relations Contact:ir@nanoviricides.com
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Yahoo
28 minutes ago
- Yahoo
Inflection Point Acquisition Corp. III Announces the Separate Trading of its Class A Ordinary Shares and Rights, Commencing on or about June 16, 2025
NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) -- Inflection Point Acquisition Corp. III (Nasdaq: IPCXU) (the 'Company') announced that holders of the units sold in the Company's initial public offering of 25,300,000 units, which includes 3,300,000 units issued pursuant to the exercise by the underwriters of their overallotment option, completed on April 28, 2025 (the 'Offering') may elect to separately trade the Class A ordinary shares and rights included in the units commencing on or about June 16, 2025. Any units not separated will continue to trade on The Nasdaq Global Market under the symbol 'IPCXU', and each of the Class A ordinary shares and rights will separately trade on The Nasdaq Global Market under the symbols 'IPCX' and 'IPCXR,' respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into Class A ordinary shares and rights. The Company intends to pursue a business combination with a North American or European business in disruptive growth sectors, which complements the expertise of its management team, but may pursue an initial business combination in any industry, sector or geographic region. The company is led by Chairman and Chief Executive Officer Michael Blitzer, Chief Financial Officer Peter Ondishin and Chief Operating Officer Kevin Shannon. A registration statement relating to the securities was declared effective on April 24, 2025 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Cautionary Note Concerning Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements,' including with respect to the Company's search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. About Inflection Point Acquisition Corp. III Inflection Point Acquisition Corp. III's acquisition and value creation strategy is to identify, partner with and help grow North American and European businesses in disruptive growth sectors, which complements the expertise of its management team. However, the Company may pursue an initial business combination in any industry, sector or geographic region. Contact Kevin ShannonInflection Point Acquisition Corp. IIIkevin@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
33 minutes ago
- Yahoo
SEC scrubbed guidance on DEI in asset manager selection from website
The Securities and Exchange Commission has purged guidance from its website regarding fund manager diversity, but it was hard to find even before President Donald Trump's second term. That pullback from promoting diversity, equity and inclusion in asset management comes as part of the Trump administration's executive orders targeting "DEI" programs. And it underscores the confusing current state of federal efforts to ensure that more women- and minority-owned fund firms get a fair shot at doing business with large government pensions and retirement plans. For advocates, such programs open doors to capital and to rewarding careers as financial advisors or wealth and asset management professionals and, in some cases, the enforcement of crucial civil rights laws. To Trump's supporters, DEI has expanded access for some at the expense of others, to the point that consideration of factors involving race, gender and other identities has turned more important than merit in, say, hiring or the awarding of contracts. The SEC has removed an October 2022 "frequently asked questions" memo explaining how the fiduciary duty applies to the use of DEI criteria in the selection of asset managers, according to a recent study by the U.S. Government Accountability Office, an independent watchdog agency that reports to Congress. The SEC issued the FAQ during President Joe Biden's administration, at which time critics questioned its importance and obscure previous location on the agency's website. Now, with so many aspects related to DEI in administrative or legal limbo, the way forward after small but notable progress in opportunities for women and minority financial professionals looks anything but clear. "I'm optimistic, and that's because we've seen this movie before," said Dorien Nuñez, the president and director of research with consulting firm OMNI Research Group and co-founder of OMNI Wall Street Advantage, a chartered financial analyst training, mentoring and internship organization. He cited the Reagan administration's unsuccessful push to eliminate the Small Business Administration in the 1980s. "This is definitely more aggressive," Nuñez said. "ESG is flourishing globally. DEI is flourishing globally. It's just the political will and megaphone that is fighting against it so much, so vocally." For impact managers whose strategies seek to close wealth gaps through clients' investment portfolios, the administration's anti-DEI actions are "really hampering their marketing efforts" and capital-raising, said Will Gholston, a CFA and certified financial planner who is the vice president of investments with New York-based registered investment advisory firm Re-Envision Wealth. At this point, any fund manager "would definitely think twice before bringing that type of product to market in this environment," he said. "I am currently at a Black-owned firm that's made racial equity investing the centerpiece of our strategies," Gholston said. "You have to be much more cautious in the way that you design products, the way that you talk about products. There is that risk that you're going to be in trouble." READ MORE: Which publicly traded firms have the best and worst racial equity grades? Representatives for the SEC didn't respond to inquiries about the removal of the guidance from its website or the findings of the GAO report, which updated the watchdog's 2017 study on asset manager diversity and came at the request of Democratic lawmakers three years ago. The dearth of assets managed by women- or minority-owned firms received more attention following the 2020 murder of George Floyd as part of the industry's response to the nationwide protests. The GAO found some signs of change at certain pension plans and across the industry. Five federal pensions told the researchers that 61 women- or minority-owned asset managers were overseeing a combined $4.06 billion on their behalf at the end of 2022 — but that was still only 2.8% of the externally managed assets across the plans. On the other hand, that is a far higher share than in asset management in general. As of 2023, the industry-wide assets managed by women- and minority-owned firms had ticked up to 1.1% from less than 1% in 2017. However, that tiny blip added up to a total of $1.3 trillion in assets managed by 340 firms, compared to $529 billion at just 180 firms only six years earlier. That's a 146% surge in assets, or a difference of $771 billion in AUM, and an 89% jump in the net increase of 160 more firms with some degree of ownership by women or Black, Hispanic, Asian American or other minority group members. READ MORE: DOGE cuts to fair housing grants hit HOME for financial advisor The ramifications of Trump's DEI orders to the SEC remain difficult to ascertain, based on the agency's website. The conservative Heritage Foundation's Project 2025 policy blueprint for Trump's administration called for the SEC to end "discrimination based on immutable characteristics" in the form of "offices at financial regulators that promote racist policies (usually in the name of 'diversity, equity, and inclusion')." And, in February, SEC staff informed GAO researchers that they had taken down the previous guidance about "investment advisers' consideration of DEI factors when recommending or selecting other advisers" based on Trump's executive orders in the previous month, the GAO report said. "As a result, we removed our assessment of this guidance from our review," the report's authors, Director of Financial Markets and Community Involvement Michael Clements and Director of Education, Workforce and Income Security Tranchau "Kris" Nguyen wrote. "SEC staff also told us that they were analyzing the potential impact of the executive orders on their activities related to promoting and collecting diversity policies and practices through SEC's diversity self-assessment form for its regulated entities." The link to the 2022 FAQ now goes to a "403 error" page. But still available are the "Diversity self-assessment tool" for regulated entities, a bare section explaining the purposes of the SEC Office of Minority and Women Inclusion under the Dodd-Frank Law and a statement by two commissioners praising the now-purged guidance. The report, which stated that the GAO hasn't "determined the scope and effect of the January 2025 executive orders or their impact on SEC programs and activities" didn't include any information about what specifically made the FAQ out of compliance with Trump's executive orders. "Staff from SEC's Division of Investment Management issued this guidance to clarify that investment advisers may consider DEI factors when recommending or selecting other advisers, such as asset management firms, provided that doing so is consistent with the client's objectives, the scope of the relationship and the adviser's disclosures," Clements and Nguyen wrote in a footnote. READ MORE: Fighting systemic racism with estate planning — one client at a time Even before Trump took office, some industry experts wondered what, if anything, to conclude from the FAQ. The guidance "raises more questions than it answers," according to a November 2022 blog by consulting firm Patomak Global Partners entitled "The Curious Case of the Hidden FAQ." The SEC issued no corresponding public announcement about the guidance, the blog noted. And the agency didn't even include the FAQ alongside others available in the FAQ section of its website. In fact, the mere existence of the guidance may not have become publicly known without two of the commissioners releasing the statement. And any asset allocators or managers would have found it difficult to use in the first place, according to Patomak, which described it as "a check-the-box exercise to implement a controversial recommendation." "Even if an adviser stumbled upon the FAQ," the blog continued, "it does not provide helpful guidance as to how an adviser can incorporate DEI factors into its selection or recommendation of other advisers consistent with its fiduciary duty to clients. Investment advisers should be wary of overreliance on this FAQ. Staff FAQs have no legal force or effect and do not alter or amend applicable law, given that they represent the views of SEC staff, not the Commission. Choosing an investment adviser with a short track record or minimal AUM can open an investment adviser to significant liability in the event of subpar performance or an incident of defalcation, a problem this nonbinding FAQ is unlikely to solve, particularly in light of the fact that it contains no guidance on how to balance these competing concerns." READ MORE: How financial advisors can help close the racial wealth gap Regardless, advocates like Nuñez and Gholston will continue their work in any political climate — and welcome collaboration from other industry professionals in the mission to increase opportunities and align clients' portfolios to their principles. "The short answer is, contact me," Nuñez said. "Some of us have been out here doing this for decades, and we're now working closer together than before. But it is very fragmented." Taking down the guidance is "definitely a move in the wrong direction" by the SEC, but efforts to increase women- and minority representation in asset management "have been so inadequate to date that there's not much room to decline," Gholston said. And that has spanned Democratic and Republican administrations, he pointed out. The underlying trends in the investing marketplace aren't going away in Trump's second term, according to Gholston. "The desire for greater fairness and a level playing field in the investment management world has not declined amongst the populace, the investment world and our clients," he said. "It's very likely that, over the long term, we're going to see a renewed effort in this space." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Aduro Clean Technologies Announces Closing of US$8 Million Underwritten Public Offering
LONDON, Ontario, June 11, 2025 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. ('Aduro' or the 'Company') (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower-value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the closing of its underwritten U.S. public offering (the 'Offering') of 947,868 common shares, together with accompanying warrants to purchase 473,934 common shares. The combined public offering price per common share and accompanying half warrant was US$8.44. The Company received gross proceeds of approximately US$8 million, before deducting underwriting discounts and offering expenses. The common shares were sold in combination with an accompanying half warrant (with each whole warrant being exercisable into one common share of the Company). Each whole warrant has an exercise price of US$10.13 per share and are exercisable immediately and will expire three years from the date of issuance. D. Boral Capital LLC is acting as the sole book-running manager for the Offering. Aduro intends to use the net proceeds from the offering for ongoing research and development costs, expenditures related to the construction of its 'Demonstration-Scale' plant and the remainder (if any) for general corporate purposes and working capital. In addition, the Company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 142,180 common shares and/or warrants to purchase an additional 71,090 common shares. The Offering was being made pursuant to an effective shelf registration statement on Form F-10, as amended (File No. 333-287475), previously filed with the U.S. Securities and Exchange Commission ('SEC') and became effective on May 28, 2025, and the Company's Canadian short form base shelf prospectus dated May 28, 2025 (the 'Base Shelf Prospectus'). Aduro offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers. The Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in Canada and with the SEC in the United States and is available for free by visiting the Company's profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at or the SEC's website at as applicable. A final prospectus supplement with the final terms will be filed with the securities regulatory authorities in the Canadian provinces of British Columbia and Ontario and the SEC. Copies of the final prospectus may be obtained, when available, at the SEC's website at or from D. Boral Capital LLC, Attention: 590 Madison Avenue 39th Floor, New York, NY 10022, or by email at dbccapitalmarkets@ or by telephone at +1 212 970 5150. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Aduro Clean Technologies Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company's Hydrochemolytic™ Technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century. For further information, please contact: Abe Dyck, Head of Business Development and Investor Relationsir@ 226 784 8889 KCSA Strategic CommunicationsJack Perkins, Senior Vice Presidentaduro@ D. Boral Capital 212 970 5150This press release contains forward-looking statements regarding the Company's current expectations. These forward-looking statements include, without limitation, references to the Company's expectations regarding anticipated use of net proceeds from the Offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the factors that may result in changes to the Company's anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's annual information form dated May 20, 2025, which is available on SEDAR+ at on EDGAR at Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law, including the securities laws of the United States and Canada.A photo accompanying this announcement is available at in to access your portfolio