Vitro Biopharma Announces Changes in SEC Registration
GOLDEN, CO / ACCESSWIRE / October 13, 2020 / Vitro Diagnostics, Inc.. (OTCQB:VODG), dba Vitro Biopharma announced the revocation of its SEC registration for Vitro Diagnostics, Inc while also announcing its plans for re-registration with the SEC. As noted in our prior releases, the Company is actively engaged in the process of regaining full compliance with SEC reporting requirements involving current ongoing annual financial audits for fiscal years 2019 & 2020 through Malone-Bailey, LLC, www.malonbailey,com a PCAOB auditing firm. Vitro Biopharma will then file a Form 10 with the SEC in December of 2020 seeking registration with a capital structure consisting of existing shareholders, convertible preferred & debt shareholders, current assets & liabilities with an expanded number of authorized shares. This process is ongoing with anticipated completion in January of 2021. The SEC may request additional information from the Company prior to formal approval of the Form 10 similar to the approval requirements for a registration statement, which the company has previously obtained. The company once effective with the SEC will report current on the OTC.QB.
The company has upsized its capital raising efforts to $3.5M of it's Series A Convertible Preferred and is in active discussions with interested parties.
John Evans the companies C.F.O. said "To-date the company has raised over $1M of the Series A Convertible Preferred and has received interest for approximately $2.0M for a total of $3.0M out of the board and shareholder authorized $3.5M. These funds will be used to support the company's re-registration and its expanding operations and clinical trials."
Dr. Jim Musick, CEO said, "From 2000 to 2015, Vitro Diagnostics, Inc. was fully reporting to the SEC. Due to a shortage of capital we could no longer afford the full reporting requirements, so we focused our resources on realization of our business plan of revenues from R&D products together with an expansion of clinical products. In 2018 we re-capitalized the company with debt to equity conversions and $1M of Senior Secured Debts followed by the current Series A Convertible Preferred financing of up to $3.5M. Since 2018 the company has filed its quarterly financial information comparable to Pink Sheet current requirements. The company has filed its Income Statement, Balance Sheet, Sources and Uses of Funds and Statement of Changes in Shareholder Equity along with a management discussion and analysis of its results of operations. This information and other material information has been released on a timely basis by the filing of 8K's with the SEC, press releases and postings on our website. "
ABOUT VITRO BIOPHARMA
Out of years of research, we developed our patent-pending and proprietary line of umbilical cord derived stem cells AlloRx Stem Cells® now being used in offshore regenerative medicine clinical trials. Our stem cells are used in regenerative medicine clinical trials with our partner in the Cayman Islands www.DVCStem.com. We have a recently approved clinical trial using our AlloRx Stem Cells® to treat musculoskeletal conditions at The Medical Pavilion of the Bahamas www.tmp-bahamas.com in Nassau. Our nutraceutical stem cell activation product, STEMulize™ complements AlloRx Stem Cells® as an adjuvant therapy to optimize therapeutic outcomes.
Vitro Biopharma has a proprietary and scalable manufacturing platform to provide stem cell therapies to critically ill Coronavirus patients and other conditions including multiple sclerosis, OA, Chrohn's disease, and numerous medical conditions that are under-treated by the current standard of care. Our cGMP manufacturing is CLIA, ISO9001, ISO13485 certified and we are FDA registered. Our stem cells have been shown to be safe and effective in Phase I clinical trials.
Statements herein regarding financial performance have not yet been reported to the SEC nor reviewed by the Company's auditors. Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain "forward-looking statements". Such forward-looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues, and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company's products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company's filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
Dr. James Musick, Ph.D.
Chief Executive Officer
(303) 999-2130 x 1
SOURCE: Vitro Diagnostics, Inc.
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