SANTA BARBARA, Calif., Oct. 3, 2013 /PRNewswire/ -- VG Life Sciences, Inc. (Pink Sheets: VGLS) a publicly traded company, is a biotechnology company focused on delivering treatments for patients suffering from autoimmune and chronic inflammatory disorders.
VG Life Sciences announced the closing of a significant capital event. MedBridge Venture Fund, LLC has made a cash investment in the Company of $2,235,000. This is in addition to the $550,000 cash investment made by MedBridge, LLC in March. This new funding will enable VG Life Sciences to begin and complete many key milestones outlined in the Company's July Investor Letter and meet short term capital needs.
The terms of the agreement between VG Life Sciences, Inc. and MedBridge Venture Fund, LLC, will be filed today at the OTC Markets website (see www.otcmarkets.com/stock/VGLS/filings). The fund, which was privately placed under the exception from registration set forth in Section 4(2) of the Securities Act of 1933, has the following terms;
- Convertible Debenture with a face value of Minimum of $250,000.00 and a Maximum of $2,500,000.00 at a rate of 8.00% interest.
- Payment will be made to VG Life Sciences' account via wire on or before the 30th of October 2013 or extend in writing by VG Life Sciences, Inc.
- Conversion price as 10% lower than the lowest 3 day average closing price starting on July 16th, 2013 and ending September 15th, 2013.
- Shares will available for conversion in four equal parts (25% each) on the following dates: December 15, 2014, March 15, 2015, June 15, 2015, and September 15, 2015
- Warrant coverage at $0.45 will be provided not before 48 months and not after 60 months, unless the board resolves to allow exercise of shares prior to the fourth year.
About VG Life Sciences Inc.
Santa Barbara, California-based VG Life Sciences Inc., formerly known as Viral Genetics, is a biotechnology company focused on discovering and developing drug therapies for cancer, infectious disease, and inflammatory, autoimmune disorders. VGLS controls over 50 US and international patents and pending patents protecting its exclusive biotech platform technologies. For more information and upcoming events, visit www.vglifesciences.com or find VG Life Sciences, Inc. on Facebook, Twitter, and LinkedIn.
Safe Harbor Statement and Forward-Looking Statements
This news release may contain forward-looking statements that involve risks and uncertainties associated with financial projections, milestone timelines, clinical development, regulatory approvals and other risks described by VG Life Sciences from time to time in its periodic reports. None of VG Life Sciences' drug compounds are approved by the US FDA or by any comparable regulatory agencies elsewhere in the world. 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 VG Life Sciences or any other person that the objectives and plans of VG Life Sciences will be achieved.
Alexandria Sumner | Director of Corporate Communications
VG Life Sciences, Inc.
Phone: (805) 679-6763
SOURCE VG Life Sciences, Inc.