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:9/25/2017)...  EpiVax, Inc., a leader in the fields ... announced the launch of EpiVax Oncology Inc., a ... cancer vaccines. EpiVax has provided $500,000 in seed ... technologies to the new precision immunotherapy venture. Gad ... as Chief Executive Officer. Gad brings over 25 ...
(Date:9/22/2017)... -- AVACEN Medical (AVACEN) announced that its CE-Marked AVACEN ... with the widespread pain associated with fibromyalgia in the ... Essex, England commented, "I had difficulty ... sleep at all, tremendous pain, with every movement sending ... AVACEN 100] enough, how this has and is helping ...
(Date:9/18/2017)... Pa. and KALAMAZOO, Mich. , Sept. 18, ... , and OptiMed Specialty Pharmacy of ... to offer a strategic hub service that expedites and ... sought-after personal spirometer, Spiro PD 2.0, and wellness management ... spirometer is a medical device used to measure lung ...
Breaking Medicine Technology:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... PurhealthRX ... CBD Oil utilizing Purzorb™ technology. Applying the Purzorb™process to full spectrum CBD oil will ... and providing a CBD form that can be easily incorporated into liquid products, while ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Apple Rehab ... services, staged a mock evacuation of the facility as part of a disaster drill ... Department, Echo Hose EMS and Shelton City Emergency Manager, as well as the ...
(Date:10/13/2017)... NY (PRWEB) , ... October 13, 2017 , ... Ellevate ... people in business to advocate for action towards gender equality at their inaugural Summit ... from around the globe, and reached a social audience of over 3 million. To ...
(Date:10/13/2017)... ... October 13, 2017 , ... Talented host, actor Rob Lowe, ... in a new episode of "Success Files," which is an award-winning educational program ... investigates each subject in-depth with passion and integrity. , Sciatica occurs when the ...
(Date:10/13/2017)... ... October 13, 2017 , ... “America On The Brink”: the Christian ... On The Brink” is the creation of published author, William Nowers. Captain Nowers ... a WWII veteran, he spent thirty years in the Navy. Following his career ...
Breaking Medicine News(10 mins):