SAN MARINO, Calif., Aug. 26 /PRNewswire-FirstCall/ -- Viral Genetics (Pink Sheets: VRAL), a biotechnology company that develops drug compounds for HIV/AIDS, autoimmune diseases, and cancer, has completed its second major debt conversion in two months resulting in the issuance of approximately 36 million additional shares of common stock in exchange for approximately $1.2 million of principal and interest.
According to Viral Genetics' CEO Haig Keledjian, "We are extremely pleased to have completed this debt conversion that results in the elimination of substantially all of the company's financing-related debt accumulated over the last 3 years. Not only is it a show of confidence by our primary investors, but this step enhances our ability to focus on pursuing new capital from new sources and make executing our business plan our top priority, rather than debt management."
This transaction completed the retirement of approximately $1,242,215 of 5% Unsecured Convertible Notes and promissory notes issued to 8 private investors in 2005, 2006 and 2007 through the issuance of 36,141,875 common shares. In conjunction with the debt retirement announced by the Company on July 13, 2009, Viral Genetics has in the last 2 months retired a total of approximately $4.7 million of debt from prior financings.
Investors, the public, and media are cautioned to refer only to press releases and disclosures made by Viral Genetics, Inc. for information on the company, including information about the FDA, drug development, and clinical trials. The company now files its periodic disclosures and financial statements on the OTCIQ system, which are available free of charge at www.pinksheets.com under the company's ticker symbol, VRAL, and through regular press releases which are widely available a
|SOURCE Viral Genetics|
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