Nanoveu continues antiviral product development heading into 2021

Nanoveu Ltd (ASX:NVU) has developed a range of distinctive antiviral products pushing beyond the boundaries of innovation since 2018 and continues to create revolutionary products for change. Based in Singapore with a head office in Perth, Western Australia, the company executed a 12-month exclusive distribution agreement with Touch Guard Pty Ltd in December 2020 for Nanoveu’s products including Nanoshield antiviral products in Australian and New Zealand markets. The agreement with Touch Guard – a wholly-owned subsidiary of Melbourne-based private investment company Jaszac Investments – is effective immediately and incentivises sales with a US$1 million purchase order target for the distributor to maintain exclusivity. Nanoveu has granted the discretion to extend the exclusivity period through two further term options, each for a period of 36 months, should Touch Guard generate purchase orders above US$1 million within the period. Through Jaszac, Touch Guard holds a strong distribution presence across Australia. Jaszac is a private investment company based in Melbourne which operates a diverse portfolio in international and Australian markets, holding interests ranging from consumer goods & distribution business to an A-League soccer club, as well as several hospitality and property ventures. September quarter highlights During the quarter ending September 30, the company spent $238,000 on product manufacturing and operating costs, $43,000 on advertising and marketing and received $150,000 receipts from customers. Net cash from operating activities for the quarter equalled to a total of $635,000. The company held $956,000 in cash at the end of the quarter. Capital raising On December 11, 2020, the company received firm commitments from sophisticated and professional investors to raise $660,000, advancing further international distribution agreement for antiviral products, as well as to conduct development of the EyeFyx prototype. At the time, executive chairman and CEO Alfred Chong said: “Nanoveu has made major strides to accelerate growth throughout 2020 and this placement firms up the company’s position to maintain momentum into the new year. “The placement represents prudent capital management, firming up the company’s balance sheet during a period of buoyancy in financial markets, ensuring the company is able to fully focus on securing further international distribution agreements for our antiviral products, as well as conducting further development of the EyeFyx prototype.” Following this, Nanoveu completed the placement on December 22 after issuing 13.2 million shares at a price of 5 cents per share.