During the quarter ending September 30, 2020, the company achieved first antiviral product sales and secured first sales in markets in the US, UK, Singapore and Australia.
The company received new orders valued at more than $250,000 and secured funding to the tune of $2.4 million through institutional investment.
International momentum continues to build with additional distribution partner agreements secured in various countries.
Building sales momentum
Nanoveu executive chairman and CEO Alfred Chong said: “Where the previous quarter saw Nanoveu complete the development process of its antiviral product, this quarter Nanoveu has focused on building sales momentum, with interest rapidly emerging across the globe.
“It is incredibly pleasing to see that countries as diverse as the USA, Singapore, Australia, Vietnam and the UK are all starting to use our antiviral technology, which is a testament to the universal appeal of this product.
“Through the introduction of new distribution partners, I firmly believe that the product will quickly demonstrate its utility for a wide array of tasks, which will then see our order book continue to expand.
“Meanwhile, Nanoveu has achieved these goals while prudently managing its balance sheet, having signed an agreement to fund new product lines from institutional investor support as we build our sales revenue.”
Sales of antiviral protectors
During the quarter, Nanoveu completed its inaugural production run and filled the first sales orders for its antiviral protection products.
The first batch of antiviral products was despatched to AIBI Pte Ltd (AIBI), a Singapore-based fitness equipment and wellness provider to the Asia-Pacific region, which is a distributor of Nanoveu’s antiviral products in Singapore.
Subsequently, the company has filled several other first orders to different markets, including the United States, United Kingdom and Australia.
Nanoveu’s list was further bolstered with the appointments of a number of new distributors and it helped the company to secure sales worth $250,000 for its B2B antiviral film and antiviral mobile phone protection products.
During the period, the company was also invited to test its antiviral products at leading hotels in Singapore and Hong Kong, and several industry players ranging from vending machine operators, mobile phone makers to auto component makers have also shown interest.
Pass regulatory test for Europe
Nanoveu has passed the Restriction of Hazardous Substances (RoHS) and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) tests, which are two compliance tests required as part of the European CE Mark regulations.
The antiviral product passed both tests, demonstrating an absence of any harsh compounds or other hazardous materials that restricted under European regulations.
Completion of these tests will permit Nanoveu to increase its focus on an overall CE Mark application and will permit the company to vend its products as antiviral solutions throughout Europe.
EyeFyx product development
Product development of the company’s EyeFyx is progressing well, and a patent application was lodged for the new knowledge generated.
EyeFyx could enable people with age-related farsightedness to read smartphones and tablets without wearing reading glasses.
In conjunction with its technology partner, Nanyang Technology University in Singapore, Nanoveu is now progressing to deploy prototypes for larger screen digital devices.
During the period, the company also entered into a placement agreement with Antiviral Technologies Portfolio LLC, a US-based specialist institutional investor for up to $2.4 million funding, out of which $600,000 was advanced during the quarter.
A general meeting of shareholders on October 28, 2020, approved the drawing of the second tranche under the facility of $600,000 and, subject to the approval of the Investor, the third tranche of $400,000.
The agreement provides additional working capital to the company and strengthens Nanoveu’s balance sheet while sales revenue from its antiviral products can be further accelerated.