to our board and expect to benefit greatly from their substantial business expertise. As long-time VG Life Sciences investors, and in David's case, by service as a Board member to our majority-owned subsidiary VG Energy, these seasoned executives have fully vetted our drug pipeline and associated IP and have now paved the way for accelerated growth and increased shareholder value through their continued support."
David Odell , Medbridge President & CEO, said, "We feel VG Life Sciences is poised for significant growth, based on the strength of its technology and current development pipeline. We are pleased to ensure the company's path forward into clinical studies by adding two key components: our two-year funding commitment and complete infrastructure support. We are confident these elements will allow the company to make significant near-term progress and set upon an accelerated growth trajectory toward clinical success."
Under the agreement, MedBridge is committed to providing funding of up to $550,000 over the next 24 months, of which VG Life Sciences has received $50,000. MedBridge will also provide full administrative support and infrastructure to VG Life Sciences during the funding period. Services may include but are not limited to accounting, documentation support, clerical support, reception, public relations, and other administrative matters deemed necessary by both parties. VG Life Sciences will remain responsible for outside legal and audit functions associated with maintaining a public company.
As part of the aforementioned support and services, MedBridge will also provide offices to serve as VG Life Sciences' Corporate Headquarters in Santa Barbara, CA.
Both the operational funding advances and administrative services will be repaid to MedBridge in VGLS common stock, which will be issued quarterly. Funding adva
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|SOURCE VG Life Sciences, Inc.|
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