Viral Genetics Announces Details Of Corporate Restructuring, Including Name Change, Reverse Stock Split And Increase To Authorized Capital
Viral Genetics, Inc. (Pink Sheets:VRAL) today announced it will change its name to VG Life Sciences, Inc. and implement a 1-for-600 reverse split of its common stock. The name change and the reverse stock split are expected to be become effective on or about November 26, 2012, pending review and acceptance by FINRA. Both the name change and the reverse stock split were approved by a majority of the Company’s shareholders after recommendation by the Board of Directors of the Company. This corporate action and name change followed an earlier increase to authorized common stock of the Company in October 2012 and changes to the terms of the Company’s Series A Preferred Shares in August 2012.
“The Board of Directors took these actions for several important reasons,” said Haig Keledjian, Viral Genetics’ CEO. “The primary reason is the strength of our science and our intellectual property portfolio. We have worked long and hard to build our IP and to begin moving some of the molecules and compounds from our basic science and discovery efforts into clinical trials at prestigious medical institutions. In order to accelerate our movement down this path we are revamping our corporate structure into a more credible format. This new capital structure gives us more credibility with potential business partners, institutional funding sources, and the new executive talent that we are seeking to hire as we move from a basic research-oriented company and develop our capabilities as an operating drug development business.
“The name change reinforces our evolution from a purely R&D focus,” continued Mr. Keledjian. “VG Life Sciences, Inc. more accurately depicts our intellectual property and the business focus which is broader than pharmaceuticals and now reaches into biofuels, agricultural technology and other high-growth industries.
“As a significant shareholder of the Company and someone who has devoted more than 15 years of my life to its success, my intention going forward is to build value on this newly established base,” concluded Mr. Keledjian.
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