Dallas, Texas 10/25/2013 (Financialstrend) – VG Life Sciences Inc (OTCMKTS:VGLS) is a development stage drug manufacturing and biotech company. During trading on October 24, it clocked a 15.6% increase in market value from its previous day close. It ended the day’s trading at $0.29 which translates to a 490% increase in value over its 52 week low price of $0.05 per share it had plummeted to in June this year.
While it is difficult to put a figure on the specific reason for the surprising bull rally of the stock, the company had recently managed to source funding to the tune of $2.23 million through a private placement. MedBridge Venture Fund, LLC is the private company which has poured in the cash investment. In lieu of the cash the investor is getting hold of convertible debentures and will attract an interest rate of 8.00%.
In another development which will be of interest to investors, on October 16, the company had announced that it has retained the services of accounting firm KWCO to audit the firms account books and help it file mandatory SEC filings. The audit firm has been tasked to put together the consolidated full year balance sheets for the fiscal year 2012 and 2013. In order to become fully compliant with reporting requirements of SEC, the audit firm has been mandated to go back to 1995 and prepare cash flow statements and operational highlights till date.
Announcing the launch of this pointed confidence building exercise among the investing public, John Tynan who in his interim capacity of President and Chief Executive Officer has been quoted as saying “This is yet another step intended to build confidence and restore financial accountability to the Company’s present and future investors and shareholders. Methodically, we will then be taking the necessary steps for the Company to be re-listed on OTC Bulletin Boards likely in the first quarter of 2014.”