VG Life Sciences, Inc. Closes on $2,235,000 from Private Fund
SANTA BARBARA, Calif., Oct. 2, 2013 /PRNewswire/ -- VG Life Sciences, Inc. (VGLS) is a publicly traded biotechnology company focused on delivering treatments for patients suffering from autoimmune and chronic inflammatory disorders.
VG Life Sciences is pleased to announce the closing of a significant capital event. MedBridge Venture Fund, LLC has made a cash investment in the Company of $2,235,000. This is in addition to the $550,000 cash investment made by MedBridge, LLC in March. This new funding will enable VG Life Sciences to begin and complete many key milestones outlined in the Company's July Investor Letter and meet short term capital needs.
"We have moved quickly since July to secure this necessary capital in order to take the next pre-clinical step in the development of our custom and patented Targeted Peptide Technology and to restore financial accountability to the company," said John Tynan, VG Life Sciences' Interim President and CEO.
The invented peptide (VG1177) has a wide range of potential applications, including HIV/AIDS, Preeclampsia, Brain Trauma, Hypertension, Lyme disease, and many more autoimmune and chronic inflammatory disorders.
"This capital infusion is critical in advancing VG1177 to market," continued Tynan. "The company has progressed from research, invention and successful lab models and is now ready for pre-clinical safety studies."
About VG Life Sciences Inc.
Santa Barbara, California-based VG Life Sciences Inc., formerly known as Viral Genetics, is a biotechnology company focused on discovering and developing drug therapies for cancer, infectious disease, and inflammatory, autoimmune disorders. VGLS controls over 50 US and international patents and pending patents protecting its exclusive biotech platform technologies. For more information and upcoming events, visit www.vglifesciences.com or find VG Life Sciences, Inc. on Facebook, Twitter, and LinkedIn.
Safe Harbor Statement and Forward-Looking Statements
This news release may contain forward-looking statements that involve risks and uncertainties associated with financial projections, milestone timelines, clinical development, regulatory approvals and other risks described by VG Life Sciences from time to time in its periodic reports. None of VG Life Sciences' drug compounds are approved by the US FDA or by any comparable regulatory agencies elsewhere in the world. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the forward-looking statements should not be regarded as a representation by VG Life Sciences or any other person that the objectives and plans of VG Life Sciences will be achieved.
Alexandria Sumner | Director of Corporate Communications
VG Life Sciences, Inc.
Phone: (805) 679-6763
SOURCE VG Life Sciences, Inc.