Dallas, Texas 10/07/2013 (Financialstrend) – VG Life Sciences Inc (OTCMKTS:VGLS) is a biotechnology firm working towards discovering cures to ailments like autoimmune and chronic inflammatory disorders. This stock is listed and traded on the “over the counter” index. The publically traded company announced on October 2 that it has managed to generate investment interest to the tune of $2.23 million by an investment firm MedBridge Venture Fund, LLC. The recent injection of capital from MedBridge follows its earlier $550,000 cash input into the company operations in March of 2013.
The new capital infusion will allow VGLS to work towards accomplishing few milestone goals which have been published by the management in its July news letter. This funding has been provided in the form of privately placed convertible debentures which will attract 8% interest on the aggregate principal amount of $2.5 million.
The conversion price for the debentures has been pegged at 10% discount price on the lowest price of 3 day closing average. The time window for determining the price is between July 16 and September 15. MedBridge can exercise these conversion options in lot of 25% which will start on December 15, 2014. After the first conversion window, the next three conversion windows will be spaced out at three month intervals.
VG Life Sciences Inc. is a Santa Barbara based company which was previously known as Viral Genetics. It has dwelled into research with the endower to find drug cures for human illnesses like cancer, viral diseases and autoimmune disorders. By tying up with other drug development companies, VGLS has in its portfolio close to 50 patents and to be granted patent applications covering treatment areas listed above. VG Life Sciences would be attempting to seek and gain approval for at least few of its patented drugs from FDA by using the proceeds which have been raised from the private deal.