SAN MARINO, Calif.,July 13 /PRNewswire-FirstCall/ -- Viral Genetics , a biotechnology company that develops drug compounds for HIV/AIDS, autoimmune diseases, and cancer, has retired the majority of its $3.5 million of convertible debt. The company also retired other debt and recently issued new shares.
At that time, eleven institutional purchasers also acquired approximately $598,000 of unsecured convertible notes held by other third parties. These notes are now substantially discharged through conversion to stock, and have approximately $8,000 of remaining amounts owed under them.
Since March 2009, Viral Genetics has issued shares in exchange for accounts payable, advances, and private placements valued at approximately $700,000. The private placements included 33,142,800 shares and 24,200,000 warrants. Each warrant entitles the holder to purchase common stock for $0.03 per share, expiring May and June 2011. Of the shares, 19,452,800 were issued under Regulation 504 financing.
In June 2009 Best Investments, Inc., a corporation controlled by an affiliate, officer and director of the company, Haig Keledjian, exchanged $500,000 of debt for 17,006,802 common shares and 17,006,802 warrants each entitling the holder to acquire one common share for $0.044 expiring June 2014.
As of July 13, 2009 the company has 350,948,256 shares of common stock issued and outstanding, out of 750,000,000 authorized. Also as of July 13, 2009, the company has 5,000,000 shares of Series A Convertible Preferred Shares issued and outstanding out of 20,000,000 authorized. See Supplemental Information dated March 31, 2009, and Amendment to Articles of Incorporation dated May 15, 2009, both available on www.pinksheets.com.
SAFEHARBOR FOR FORWARD-LOOKING STATEMENTS:
CONTACT:
Viral Genetics Haig Keledjian, 626-334-5310
Viral Genetics, Inc.
