NANOVIRICIDES CLOSES ON $8.625 MILLION UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK SHELTON, CONNECTICUT - Friday

CLOSES ON $8.625 MILLION UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK

SHELTON, CONNECTICUT - Friday,

January 24, 2020 -- NanoViricides, Inc. (NYSE American: NNVC) (the "Company")

a global leader in the development of highly effective antiviral therapies based on a novel nanomedicines platform, today announced

that it has completed an underwritten public offering (the "Offering") with gross proceeds of $8.625 million before

deducting underwriting discounts and other estimated offering expenses. The Offering included 2.5 million shares of the Company's

common stock, and 375,000 additional shares from the exercise of the underwriter's option to purchase to cover over-allotments

at the public offering price of $3.00 per share. Aegis Capital Corp. acted as sole bookrunner for the offering.

to the Company after underwriter's commission and agreed upon customary fees and expenses were approximately $7.78 million,

before deducting the Company's legal and accounting expenses related to the Offering. The Company intends to use the net

proceeds to fund general corporate purposes and to fund ongoing operations and to repay certain accounts payable to related parties.

made pursuant to an effective registration statement on Form S-1 (No. 333-235306) previously filed with the U.S. Securities and

Exchange Commission (the "SEC") and declared effective by the SEC on January 09, 2020. A final prospectus supplement

and accompanying prospectus describing the terms of the proposed offering have been filed with the SEC and are available on the

SEC's website located at http://www.sec.gov.

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.

The Company believes

this financing provides valuable capital to help the Company advance its drug pipeline into human clinical trials. The Company

anticipates filing an IND with the US FDA to advance NV-HHV-101 into human clinical trials for topical dermal treatment of the

shingles rash as the initial indication.

for the treatment of shingles is estimated at approximately one billion dollars by various estimates. These estimates take into

account the Shingrix vaccine as well as existing vaccines. About 500,000 to 1million cases of shingles occur in the USA alone

The market size for our immediate target

drugs in the HerpeCide program is variously estimated at billions to tens of billions of dollars. The Company believes that

its dermal topical cream for the treatment of shingles rash will be its first drug heading into clinical trials. The Company believes

that additional topical treatment candidates in the HerpeCide program, namely, HSV-1 "cold sores" treatment, and

HSV-2 "genital ulcers" treatment are expected to follow the shingles candidate into IND-enabling development and then

into human clinical trials. These additional candidates are based on NV-HHV-101, thereby maximizing return on investments and shareholder

The Company develops its class of drugs,

that we call nanoviricides , using a platform technology. This approach enables rapid development of new drugs against a number

of different viruses. A nanoviricide is a "biomimetic" - it is designed to "look like" the cell surface

to the virus. The nanoviricide technology enables direct attacks at multiple points on a virus particle. It is believed that

such attacks would lead to the virus particle becoming ineffective at infecting cells. Antibodies in contrast attack a virus particle

at only a maximum of two attachment points per antibody. In addition, the nanoviricide technology also simultaneously enables attacking

the rapid intracellular reproduction of the virus by incorporating one or more active pharmaceutical ingredients (APIs) within

the core of the nanoviricide. The nanoviricide technology is the only technology in the world, to the best of our knowledge, that

is capable of both (a) attacking extracellular virus, thereby breaking the reinfection cycle, and simultaneously (b) disrupting

intracellular production of the virus, thereby enabling complete control of a virus infection.

NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that

is creating special purpose nanomaterials for antiviral therapy. The Company's novel nanoviricide class of drug candidates

are designed to specifically attack enveloped virus particles and to dismantle them. Our lead drug candidate is NV-HHV-101 with

its first indication as dermal topical cream for the treatment of shingles rash. 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. The Company

has previously worked on developing drug candidates against the MERS coronavirus. The Company's technology is based on broad,

exclusive, sub-licensable, field licenses to drugs developed in these areas from TheraCour Pharma, Inc.

Forward-Looking Statements

This press release contains forward-looking

statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements

other than statements of historical fact in this press release are forward-looking statements, including, but not limited to, the

company's proposed follow-on offering. These forward-looking statements involve known and unknown risks and uncertainties

and are based on current expectations and projections about future events and financial trends that the company believes may affect

its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering

will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may,"

"will," "expect," "anticipate," "aim," "estimate," "intend,"

"plan," "believe," "potential," "continue," "is/are likely to" or other

similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring

events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the

expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn

out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. 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. FDA refers to US Food and Drug Administration. IND application refers to Investigational

New Drug application.

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