Navigation Links
Viropro Initiates Interim Debt Financing of Up to $500,000
Date:8/25/2014

SAN JOSE, Calif., Aug. 25, 2014 /PRNewswire/ -- Viropro, Inc. today announced that it has entered into a definitive agreement with Spring Hill Bioventures outlining the terms through which the company will raise up to $500,000 in convertible debt.  Simultaneously, Spring Hill has closed on an initial commitment of $200,000.

The proceeds of the financing will be used for the preparation of audited financial statements, the implementation of the company's strategic plans and for general corporate purposes.

"These new funds will allow us to begin the process of turning Viropro around and for bringing the company into compliance with reporting requirements," said Dr. Joseph Vallner, Acting CEO.  "While many challenges remain ahead, we are confident that we will be able to implement our aggressive plans for building the company."

At or prior to maturity the note may be converted by the note holder, or prepaid by Viropro with notice to allow the note holder to convert.  If not converted or prepaid within 12 months of issue, the notes will automatically convert into common stock of Viropro at a conversion rate of $.01 per share. 

If the full value of the notes are purchased, note holders will be granted warrants entitling them to purchase from Viropro up to 7,000,000 shares of common stock at a price of $.06 per share.  The notes carry an interest rate of 12% per year.

"We are delighted with the progress that Viropro has made since the new management team was put into place, and we are excited about the future prospects of the company," said Bruce Cohen, Chairman of Viropro's Board of Directors.  "This commitment by our largest shareholder reflects confidence in our new direction."

Under the terms of the agreement with Spring Hill additional notes may be sold up to the $500,000 maximum prior to December 31, 2014, subject to a minimum purchase of $10,000.

About Viropro, Inc.

Viropro is engaged in the development and manufacturing of biopharmaceutical drugs.  The company conducts operations primarily through its wholly owned subsidiary, Alpha Biologics (Penang, Malaysia). Viropro seeks to offer cost-effective and timely solutions to the biopharma industry from drug concept through to product manufacturing.

About Spring Hill Bioventures

Spring Hill Bioventures SDN BHD is a privately held corporation organized under the laws of the Malaysia, and with its principal place of business in Malaysia.  Spring Hill is a venture capital and private equity firm that specializes in early stage and developmental capital investments focused on biotechnology and life sciences. Spring Hill is Viropro's largest shareholder.

For more information, visit www.viropro.net.


'/>"/>
SOURCE Viropro, Inc.
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. Asubio Initiates Landmark Clinical Study in Spinal Cord Injury
2. CSL Behring Initiates Study of Subcutaneous Administration of C1-esterase Inhibitor in Patients with Hereditary Angioedema
3. Isis Initiates Phase 2 Study of ISIS-APOCIIIRx in Patients with Hypertriglyceridemia
4. Alder BioPharmaceuticals Inc. Initiates Phase 1 Clinical Study of Antibody Therapeutic Candidate for Treatment of Migraine, ALD403
5. Oncos Therapeutics Initiates Phase I Clinical Study of CGTG-102, an Oncolytic Adenovirus for the Treatment of Solid Tumor Cancers
6. MAQUET Initiates Class I Recall of the FLOW-i Anesthesia System
7. Stryker Initiates Voluntary Product Recall of Modular-Neck Stems
8. Inovio Initiates H1N1 Universal Influenza Vaccine Clinical Trial Targeting Over-65 Population, Which Represents 90% of Flu Deaths
9. Grifols Initiates Safety Study of Inhaled Alpha1-Proteinase Inhibitor (Human) Following Orphan Drug Designation for Cystic Fibrosis
10. Empire Asset Management Co. Initiates Coverage on Transcept Pharmaceuticals Inc., (NASDAQ: TSPT)
11. Karyopharm Therapeutics Initiates Two Phase 1 Trials with Oral KPT-330, the First Selective Inhibitor of Nuclear Export (SINE), in Patients with Advanced Cancers
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/10/2017)... -- The Institute for In Vitro Sciences (IIVS), a ... a VITROCELL® inhalation exposure system thanks to a generous ... which is designed to replace animals in inhalation testing, ... airborne test materials in an environment that mimics the ... testing combustible tobacco products, as well as next generation ...
(Date:7/6/2017)... July 6, 2017 ThriveRx, the nutrition division of Diplomat Specialty ... to thrive on nutrition support. To celebrate its anniversary, ThriveRx ... has a fresh new look with improved organization to create the best ... ... "We,ve made ...
(Date:7/5/2017)... 5, 2017   BioLife Solutions , Inc. (NASDAQ: ... marketer of proprietary clinical grade cell and tissue ... ("BioLife"), today announced that it has reached an agreement ... largest shareholder, to modify its existing credit facility effective ... modification, WAVI agreed to exchange its existing $4.25 million ...
Breaking Medicine Technology:
(Date:7/20/2017)... ... July 19, 2017 , ... Dr. Jig Patel is ... Schaumburg, IL, with or without a referral. Understanding the difficulties that face people who ... when they choose this permanent alternative to removable dentures and bridges. Not only does ...
(Date:7/20/2017)... , ... July 19, 2017 , ... ... $1.5 million Health Resources and Services Administration (HRSA) grant to train predoctoral dental ... health care needs in rural and underserved areas. , The Predoctoral Pediatric Training ...
(Date:7/20/2017)... ... July 19, 2017 , ... ... may sometimes lead to, or worsen, varicose veins in some patients, according to ... while avoiding certain not-so-good practices, like excessive sitting or standing, or regularly nicking ...
(Date:7/18/2017)... Oaks, CA (PRWEB) , ... July 18, 2017 , ... ... Ph.D. scientist extracted cannabis oils, announced today that at the WORLDZ Summit, taking place ... will be speaking on the therapeutic benefits of medical cannabis for both pediatric and ...
(Date:7/18/2017)... Calif. (PRWEB) , ... July 18, 2017 , ... The results of an international clinical ... a drug therapy for a severe type of muscular dystrophy holds promise for a subgroup ... , Craig McDonald and colleagues at 53 study sites in 18 countries describe ...
Breaking Medicine News(10 mins):