NanoViricides declared that it will lease a new area for producing nanoviricides drug candidates to fight several viral diseases. The company plans to lease the area presently and may purchase the same later from Inno-Haven if required.
Inno-Haven is a special purpose company that was formed to acquire a facility and construct needed manufacturing and laboratory infrastructure.
NanoViricides has to manufacture huge quantities of drug candidates for its forthcoming toxicological studies than it can manage using the current facilities.
Additional materials will have to be produced for performing human clinical trials with the approval of the US Food and Drug Administration (FDA). The materials required for human trials need to be manufactured under a set of guidelines by FDA called “current Good Manufacturing Practices” (cGMP). At the new facility, the company hopes to produce the bulk cGMP drug materials. In order to meet the objectives of NanoViricides, Inno-Haven has agreed to buy certain facilities and provide it on lease to NanoViricides.
The company believes that it is in urgent need for setting up these manufacturing capabilities with the success of its FluCide drug candidates for performing pre-clinical animal studies.