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:2/11/2016)... Feb. 11, 2016  Dovetail Genomics™ LLC today announced ... program for a planned metagenomic genome assembly service. ... metagenomic genome assembly method in a talk on Friday, ... & Technology conference in Orlando, Fla. ... complex datasets is difficult. Using its proprietary ...
(Date:2/11/2016)... MIAMI (PRWEB) , ... February 11, 2016 , ... ... in regenerative medicine, has announced a new agreement with Bankok,Thailand-based Global Stem Cells ... researchers and phsyicians in 15 Latin American countries, including Mexico, Costa Rica, Dominican ...
(Date:2/10/2016)... , Feb. 10, 2016  The Maryland House of ... has announced that University of Maryland School of Medicine ... and University of Maryland Medical System President and CEO ... "Speaker,s Medallion," the highest honor given to the public ... Dean Reece and Mr. Chrencik for ...
(Date:2/10/2016)... (NYSE MKT: ISR), a medical technology company and innovator ... treatment of prostate, brain, lung, head and neck and ... second quarter and six months of fiscal 2016, which ... --> Revenue was $1.19 million for ... 31, 2015, a 12% increase compared to $1.07 million ...
Breaking Biology Technology:
(Date:2/2/2016)... Feb. 2, 2016 This BCC Research ... market by reviewing the recent advances in high ... drive the field forward. Includes forecast through 2019. ... the challenges and opportunities that exist in the ... solution developers, as well as IT and bioinformatics ...
(Date:2/1/2016)... , February 1, 2016 ... advancements to drive global touchfree intuitive gesture control market ... --> Rising sales of consumer electronics coupled with ... control market size through 2020 ... electronics coupled with new technological advancements to drive global ...
(Date:1/25/2016)...   Unisys Corporation (NYSE: UIS ) today announced ... International Airport, New York City , to help ... to enter the United States using passports ... pilot testing of the system at Dulles last year. The ... during January 2016. --> pilot testing of the ...
Breaking Biology News(10 mins):