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 and indicate "Viral Genetics" as the source.
ABOUT VIRAL GENETICS, INC.:
Viral Genetics, Inc. is a biotechnology company that discovers and develops immune-based therapies for HIV, AIDS and other autoimmune diseases using its thymus nuclear protein compound (TNP). The company recently entered into an Exclusive License Agreement with the University of Colorado and V-Clip Pharmaceuticals (a subsidiary of the Company) to license technology developed by M. Karen Newell, PhD, that appears to explain TNP and provide a means to optimize therapies based on TNP for future clinical trials. Viral Genetics believes that its investigational HIV/AIDS drug based on TNP, called VGV-1, represents a unique approach to treating HIV due to the apparently novel mechanism, low toxicity profile, simple dosing regimen, and short-course of treatment. As a type of immune-based therapy, it focuses on boosting the immune system to allow the body to fight HIV more efficiently. VGV-1 has been studied in five human clinical trials for the treatment of HIV/AIDS. Online at www.viralgenetics.com
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Viral Genetics, Inc. from time to time in its periodic reports filed with the SEC. VGV-1 is not approved by the US Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world. While Viral Genetics believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Viral Genetics to establish the efficacy of VGV-1 in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of VGV-1 in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the forward-looking statements should not be regarded as a representation by Viral Genetics or any other person that the objectives and plans of Viral Genetics will be achieved.
CONTACT: Viral Genetics Haig Keledjian, 626-334-5310
|SOURCE Viral Genetics|
Copyright©2009 PR Newswire.
All rights reserved