NanoViricides Completes Licensing for VZV Field which Includes Shingles Drug Development Shelton, Connecticut

NanoViricides Completes Licensing for

VZV Field which Includes Shingles Drug Development

Shelton, Connecticut - November 4, 2019 -- NanoViricides, Inc.

(NYSE Amer.: NNVC) (the "Company"), a global leader in nanomedicines against viruses,

announced today that it has completed the process of licensing the VZV (shingles and chickenpox virus) field for drug development

and commercialization from TheraCour Pharma, Inc. ("TheraCour"). The Company executed a license agreement for VZV with

TheraCour Pharma, Inc. on November 3, 2019 (the "Agreement").

Under this Agreement, NanoViricides has obtained a world-wide,

exclusive, sub-licensable, license to use, promote, offer for sale, import, export, sell and distribute drugs that treat Varicella

Zoster Virus infections, using TheraCour's proprietary as well as patented technology and intellectual property. The discovery

of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development

and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with

no duplication of costs allowed.

NanoViricides will not pay any upfront licensing fee under the

Agreement. The Company will pay a first milestone payment to TheraCour upon the grant of approval of an Investigational New Drug

application (IND), of 75,000 shares of the Company's Series A Preferred Stock. A second milestone payment will be due upon

completion of Phase I human clinical trials in the cash amount of $1.5 million. A third milestone payment will be payable to TheraCour

upon completion of Phase II human clinical trials in the cash amount of $2.5 million, and a fourth milestone payment will be due

upon completion of Phase III human clinical trials in the cash amount of $5 million. However, NanoViricides shall have no obligation

to continue clinical trials beyond Phase I.

Upon commercialization, NanoViricides will pay royalties of

15% of Net Sales to TheraCour, as defined in the Agreement. The Agreement contemplates that the parties will enter into a separate

Manufacturing and Supply Agreement for the commercial manufacture and supply of the drug products if and when NanoViricides intends

to engage into commercialization of the drugs. The Agreement provides that the Manufacturing and Supply agreement would be on customary

and reasonable terms, on a cost-plus basis, using a market rate based on then-current industry standards, and include customary

backup manufacturing rights.

"We have been working diligently on completing this license

agreement and have taken the time to document the licensing arrangement in a professional and deliberative process, considering

the related party nature of this transaction," said Mr. Stanley Glick, Chairman of the Audit Committee, adding, "We

believe that this license agreement is fair to the shareholders of NanoViricides, Inc."

To assist in the analysis of the terms of the Agreement, NanoViricides

commissioned research reports on VZV drug market sizes for the VZV field from two different, independent, consulting agencies,

namely, Nanotech Plus, LLC, and BioEnsemble LLC. Additionally, the Company obtained business analysis and valuation reports for

potential licensing terms for a VZV shingles drug from BioEnsemble LLC, using multiple different market scenarios, that accounted

for the introduction of the Shingrix GSK vaccine for VZV. Dr. Carolyn Myers, Principal of Bioensemble LLC, has over 25 years

of experience in licensing and negotiations, drug development and commercialization from Startups, small-, mid- and large- Pharma,

having acted in very senior business development roles from both sides of the equation. NanoViricides was represented by McCarter

& English, LLP while TheraCour was represented by DuaneMorris LLP.

The VZV drug development program evolved out of the herpes simplex

virus (HSV) drug program when the Company discovered that the early drug candidates that were designed to work against HSV-1 and

HSV-2 also worked against VZV in cell culture assays. The VZV program developed rapidly taking advantage of the 5-day quick assay

for effectiveness in human skin organ culture model in Professor Jennifer Moffat's lab at the Upstate Medical Center, SUNY

Syracuse, NY. Simultaneously, the Company's other collaborators were developing appropriate animal models for testing our

dermal topical drug candidates for the treatment of HSV-1 and HSV-2 infections.

The Company is working on developing drugs against several indications

in our HerpeCide program. The market size for our immediate target drugs in the HerpeCide program is variously estimated

into 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.

The Company's drug development business model was formed

in May 2005 with a license to the patents and intellectual property held by TheraCour that enabled creation of drugs engineered

specifically to combat viral diseases in humans. This exclusive license from TheraCour serves as a foundation for our intellectual

property. The Company has a worldwide exclusive license to this technology for several drugs with specific targeting mechanisms

for the treatment of a number of human viral diseases including HSV-1 and HSV-2, and now VZV as well.

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, VZV (cause of shingles and chickenpox), 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's technology is based on broad, exclusive, sub-licensable, field licenses

to drugs developed in these areas from TheraCour Pharma, Inc. 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.

FDA refers to US Food and Drug Administration.