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:2/8/2016)... 2016 Cardiovascular Surgery Devices - Medical ... Medical Devices sector report, "Cardiovascular Surgery Devices - ... of Cardiovascular Surgery Devices currently in pipeline stage. ... The report provides comprehensive information on the pipeline ... various stages of development. The report reviews major ...
(Date:2/8/2016)... TOKYO and FAIRFIELD, N.J. ... (Otsuka) and Medimetriks Pharmaceuticals, Inc. (Medimetriks) today announced that ... exclusive development and commercialization rights for OPA-15406 in the ... agreement also provides manufacturing rights.  OPA-15406 is a topical, ... for atopic dermatitis. --> ...
(Date:2/8/2016)... February 8, 2016 --> ... research report "Ablation Technologies Market by Product (Radiofrequency, Ultrasound, ... Management, Cosmetic Surgery, Ophthalmology, Gynecology) - Global Forecasts to ... market over the forecast period of 2015 to 2020. ... 2020, at CAGR of 10.5% from 2015 to 2020. ...
Breaking Medicine Technology:
(Date:2/8/2016)... GA (PRWEB) , ... February 08, 2016 , ... Coast ... cavity-free. February is National Children’s Dental Health Month and family dentist Yvonne Dorrian, DMD, ... p.m. at Coast Dental , located next to Target at 1207 North Peachtree ...
(Date:2/8/2016)... ... 08, 2016 , ... The Valentine’s Season is famous for gift giving with flowers, chocolates and ... are loved. This year, for more than 5.6 million Americans suffering with Alzheimer’s, those ... enough to remind them of the lives they’ve led and the people they’ve touched. ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... case packer for pouches, bags, and flow wrapped products at WestPack 2015, February ... specialty product manufacturers step up to semi-automatic or fully-automatic case packing with a ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... expansion into Canada to provide its range of unique and advantaged protective ... Quebec City that will provide bilingual customer service and marketing support. A new ...
(Date:2/8/2016)... ... February 08, 2016 , ... The Bell Agency, ... the latest beneficiary of their ongoing community enrichment program. The current campaign fundraises ... schools. Donations are now being accepted at: http://www.angelsanddoves.com/donate.html . , Angels & ...
Breaking Medicine News(10 mins):