In connection with the loan, the Company granted the Lender warrants to purchase an aggregate of 83,333,333 shares of the Company's common stock at $0.12 per share (the "Warrants"). The Warrants vest based on the amount of borrowings under the loan and the passage of time as set forth in the Loan Agreement. Based on the $2.0 million borrowing at closing, the Warrants are currently vested with respect to 8,333,333 shares and will vest with respect to an additional 8,333,333 shares 45 days after closing if certain conditions are met as provided for in the Loan Agreement. The Warrants will vest with respect to additional shares in connection with each subsequent borrowing in accordance with the terms of the Loan Agreement.
About VIA Pharmaceuticals, Inc.
VIA Pharmaceuticals, Inc. is a biotechnology company focused on the development of compounds for the treatment of cardiovascular and metabolic disease. VIA's lead candidate, VIA-2291, targets a significant unmet medical need: reducing inflammation in the blood vessel wall, which is an underlying cause of atherosclerosis and its complications, including heart attack and stroke. In addition, VIA's pipeline of drug candidates includes other compounds to address other underlying causes of cardiovascular disease: high cholesterol, diabetes and inflammation. For more information, visit: http://www.viapharmaceuticals.com.
Forward Looking Statements
This press release may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or to VIA's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause VIA's actual re
|SOURCE VIA Pharmaceuticals, Inc.|
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