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VIA Pharmaceuticals Secures Financing Up to $10.0 Million
Date:3/12/2009

SAN FRANCISCO, March 12 /PRNewswire-FirstCall/ -- VIA Pharmaceuticals, Inc. (Nasdaq: VIAP), a biotechnology company focused on the development of compounds for the treatment of cardiovascular and metabolic disease, today announced it has entered into a $10.0 million secured note purchase agreement (together with certain ancillary agreements, the "Loan Agreement") with Bay City Capital Fund IV, L.P. and one of its affiliates (collectively, "Lender"), the Company's principal stockholder. The Company borrowed the first tranche of $2.0 million on March 12, 2009. Subject to Lender approval, the Company may borrow up to an additional $8.0 million pursuant to the terms of the Loan Agreement.

"This Loan Agreement reflects the continuing support and confidence of Bay City Capital in our lead program VIA-2291 for the treatment of cardiovascular disease caused by atherosclerosis, by targeting inflammation in the blood vessel wall, an underlying cause of atherosclerosis," said Lawrence K. Cohen, Ph.D., Chief Executive Officer of VIA Pharmaceuticals. "We are excited about the potential of VIA-2291 which is being demonstrated in the data from our ongoing Phase 2 trials, and intend to pursue strategic opportunities to partner and collaborate with large biotechnology or pharmaceutical companies to further develop this exciting compound."

The Loan Agreement provides for borrowings of up to $10.0 million, which bear interest at 15% per annum. Borrowings subsequent to the initial $2.0 million borrowing are at the discretion of the Lender. The Company's obligations under the Loan Agreement are secured by a first priority lien on all of the Company's assets. All outstanding principal and accrued interest are due on September 14, 2009, subject to certain repayment acceleration provisions set forth in the Loan Agreement, including, without limitatio
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SOURCE VIA Pharmaceuticals, Inc.
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