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:9/18/2017)... , Pa. and KALAMAZOO, Mich. , Sept. ... Penn. , and OptiMed Specialty Pharmacy of ... partnership to offer a strategic hub service that expedites ... highly sought-after personal spirometer, Spiro PD 2.0, and wellness ... A spirometer is a medical device used to measure ...
(Date:9/12/2017)... Sept. 12, 2017   EcoVadis , the leading platform for environmental, ... first annual edition of its Global CSR Risk and Performance Index. The ... EcoVadis, based on Scorecard Ratings that analyzed nearly 800,000 data points across ... ... ...
(Date:9/9/2017)... Sept. 8, 2017 ... MRI Unit coming to Washington DC ... When: Tuesday, September 12 th – Monday, September 18 th ... offering free MRI brain scans to the public.Where:  ... parked at 501 K Street NW, Washington, D.C.What:BTF brings its nationwide initiative, ...
Breaking Medicine Technology:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... The Visiting ... Day Market. Featuring a collection of specialty vendors and unique items from across the ... and quality-focused health and wellness services offered by the VNA. The boutique will ...
(Date:10/13/2017)... ... October 13, 2017 , ... ... Agile Software Development, has been awarded a contract by the Center for Medicare ... (BPA) aims to accelerate the enterprise use of Agile methodologies in a consistent ...
(Date:10/12/2017)... Orleans, LA (PRWEB) , ... October 12, 2017 , ... ... centers in the U.S., announced today its plans to open a flagship location in ... will occupy the former Rooms To Go store next to Office Depot in the ...
(Date:10/12/2017)... ... October 12, 2017 , ... Information about the technology: ... develop to enable prevention of a major side effect of chemotherapy in children. ... pediatric patients. For cisplatin, hearing loss is FDA listed on-label as a dose ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... ... been named one of Michigan’s 2017 Best and Brightest in Wellness® by Best ... in Wellness® awards program on Friday, Oct. 20 from 7:30 a.m. to 2 ...
Breaking Medicine News(10 mins):