Navigation Links
Viragen International's Subsidiary, ViraNative AB, Files to Seek Bankruptcy Protection in Sweden
Date:9/14/2007

PLANTATION, Fla., Sept. 14 /PRNewswire-FirstCall/ -- Viragen, Inc. (OTC Bulletin Board: VRAI) and its majority-owned subsidiary, Viragen International, Inc. (OTC Bulletin Board: VRGE), today jointly announced that Viragen International's wholly-owned subsidiary, ViraNative AB, located in Umea, Sweden, filed an application seeking protection under the bankruptcy laws of Sweden. ViraNative manufactures Multiferon(R), a multi-subtype, human alpha interferon.

The bankruptcy application was filed in the District Court of Umea, under Case Number K1767-07. The application was filed because ViraNative was unable to pay taxes and other debts.

The bankruptcy court has appointed Anders Bergman of Ackordscentralen Norrland AB as bankruptcy administrator for ViraNative. It is the responsibility of the administrator to inventory the assets of the bankrupt and to identify the creditors and the amount of their claims. The bankruptcy administrator will also seek to identify purchasers for the assets of ViraNative and process their orderly liquidation and sale in accordance with Swedish laws. Mr. Bergman can be reached by telephone at: +46 (0) 90-70 62 00; and by email at: anders.bergman@ackordscentralen.se.

While Viragen, Inc. continues to seek new sources of working capital to fund its operations, and the operations of Viragen International, Inc., the Companies do not intend to fund further operations of ViraNative during the bankruptcy process. Therefore, ViraNative's operations may be disrupted or halted. Viragen, Inc. and Viragen International, Inc. are monitoring the bankruptcy proceedings but at this stage cannot predict what impact the proceedings may have on their respective operations.

About Viragen International, Inc.:

Viragen International, Inc. (OTC BB: "VRGE") is a majority-owned subsidiary of Viragen, Inc. (OTC BB: "VRAI"), and operates through its wholly- owned subsidiary, Viragen (Scotland) Limited, located near Edinburgh, Scotland. Viragen Scotland is engaged in the research and development of novel therapeutic proteins that disrupt the advance of life-threatening diseases, with a focus on cancers.

For more information, please visit: http://www.Viragen.com

Viragen International, Inc. Corporate Contact:

Douglas Calder, Director of Communications

Phone: (954) 233-8746; Fax: (954) 233-1414

E-mail: dcalder@viragen.com

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations regarding future research, development and/or commercial results could be affected by, among other things, uncertainties relating to clinical trials and product development; availability of future financing; unexpected regulatory delays or government regulation generally; the success of third- party marketing efforts; our ability to retain third-party distributors; our ability to obtain or maintain patent and other proprietary intellectual property protection; and competition in general. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.


'/>"/>
SOURCE Viragen, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. PCR Polymerases Application Profiles
2. RNAlater Preserves Bacterial Gene Expression Profiles for Array Analysis
3. Obtaining a contour map from multifiles or 3D data in DataMax
4. Successful stabilization of gene expression profiles
5. Madison biotech NimbleGen files for IPO; one of states best-funded firms
6. Third Wave files countersuit vs. Digene in patent case
7. TomoTherapy files registration statement for IPO
8. Merge files financial reports by market opening
9. The Why Files celebrates decade of science exploration
10. Third Wave files patent suits against Digene, Chiron and Bayer
11. New Web virus could lead to lost files, extortion
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/27/2016)... , ... April 27, 2016 , ... ... simultaneous preclinical PET (Positron Emission Tomography) and MRI (Magnetic Resonance Imaging) in existing ... disease and testing novel treatments in small animal subjects. Simultaneous PET/MRI imaging offers ...
(Date:4/27/2016)... April 27, 2016 ReportsnReports.com ... with specific focus on US, EU, ... , to the healthcare business intelligence collection of ... Complete report on the Flow Cytometry market ... supported with 282 tables and figures is now ...
(Date:4/26/2016)... ... April 26, 2016 , ... Heidelberg Instruments, a leader ... innovation for its Volume Pattern Generator (VPG) line of lithography systems. The breakthrough ... as well as a solution for mid volume direct write lithography applications. ...
(Date:4/26/2016)... Seattle, Washington (PRWEB) , ... April 26, 2016 ... ... (IVS) today announced receipt of a significant operating grant from 1Plus12 Corporation. The ... and to commence pre-proposal activities as outlined on the organization's website http://www.ivsci.org ...
Breaking Biology Technology:
(Date:3/14/2016)... 14, 2016 NXTD ) ("NXT-ID" or ... market, announces the airing of a new series of commercials ... of March 21 st .  The commercials will air on ... Squawk on the Street show. --> NXTD ) ... mobile commerce market, announces the airing of a new series ...
(Date:3/11/2016)... March 11, 2016 http://www.apimages.com ) - ... Picture is available at AP Images ( http://www.apimages.com ) - ... be used to produce the new refugee identity cards. DERMALOG will ... at CeBIT in Hanover next week.   ... will be used to produce the new refugee identity cards. DERMALOG ...
(Date:3/10/2016)... , March 10, 2016 ... new market research report "Identity and Access Management Market ... Audit, Compliance, and Governance), by Organization Size, by Deployment, ... 2020", published by MarketsandMarkets, The market is estimated to ... 12.78 Billion by 2020, at a Compound Annual Growth ...
Breaking Biology News(10 mins):