Viral Genetics, Inc. Announces Corporate Name Change to VG Life Sciences Inc. and Reverse Stock Split Effective November 27, 2012
Ticker Symbol Will Also Change in January 2013
SAN MARINO, Calif.--(BUSINESS WIRE)-- Viral Genetics, Inc. (OTC Pink: VRAL) today announced that it has changed its name to VG Life Sciences Inc. and that it has completed its 1-for-600 reverse stock split, both of which will take effect at the open of trading on November 27, 2012. As of November 27, 2012, shares of the Company's common stock will begin trading on a split-adjusted basis on the OTC Pink market under the symbol "VRAL" with the fifth character "D" added to the end of the trading symbol for a period of 20 business days after November 27, 2012 to indicate the reverse stock split has occurred. Thereafter, the Company's symbol will revert to its original symbol "VRAL" until January 10, 2013. Effective January 10, 2013, a new ticker symbol for the Company will be announced and thereafter will take effect.
As previously disclosed, on November 27 every six hundred shares of outstanding Viral Genetics, Inc. common stock will be automatically combined into one share of VG Life Sciences Inc. common stock without any change in the par value per share. This change reduced the number of outstanding shares of common stock from approximately 1.9 billion to approximately 3.2 million. No fractional shares were issued in connection with the reverse stock split.
About VG Life Sciences Inc.
San Marino, California-based VG Life Sciences Inc., formerly known as Viral Genetics, discovers and develops drug therapies from two exclusively licensed platform technologies based on over 60 patents: Metabolic Disruption (MDT) and Targeted Peptides (TPT). A physician-initiated Phase I clinical trial of an MDT compound in combination with Nexavar™ on Stage III and IV ovarian cancer patients is ongoing at the Cancer Therapy and Research Center of The University of Texas Health Science Center at San Antonio. A majority-owned subsidiary, VG Energy (www.vgenergy.net), is dedicated to exploring biofuel and agricultural applications for the MDT platform. Founded in 1994, the biotech company is researching treatments for drug-resistant cancer, Lyme disease, Strep, Staph and Sepsis, and HIV/AIDS. For more information, visit www.viralgenetics.com.
About VG Energy
VG Energy, Inc. is an alternative energy and agricultural biotech company that is a majority-owned subsidiary of VG Life Sciences Inc. VG Energy holds the exclusive worldwide license to the Metabolic Disruption Technology (MDT) patent rights for use in the increase of production of various oils from algae, plants and seeds. VG Energy's pivotal discoveries are expected to facilitate the biofuel industry in overcoming its major obstacle in the area of production efficiency, thereby leading to an increase in production yields that generate economically viable returns on investment, allowing renewable biodiesel to be competitive with fossil fuels. For more information, please visit http://www.vgenergy.net.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals and other risks described by VG Life Sciences Inc. from time to time in its periodic reports, including statements about its subsidiary, VG Energy, Inc. None of VG Life Sciences Inc.'s drug compounds are currently approved by the US Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world, nor are any non-pharmaceutical products of VG Energy, Inc. commercialized. While VG Life Sciences Inc. believes that the forward-looking statements and underlying assumptions are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of VG Life Sciences Inc. to establish the efficacy of any of its drug therapies in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of those drug compounds in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, the successful outcome of such studies or tests, or the successful commercialization of VG Energy, Inc.'s non-pharmaceutical products. 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 Inc. or any other person that the objectives and plans of VG Life Sciences Inc. will be achieved. VG Life Sciences Inc. disclaims any obligation to update these forward-looking statements, except as required by law.
VG Life Sciences Inc.
Haig Keledjian, 626-334-5310
KEYWORDS: United States North America California
The article Viral Genetics, Inc. Announces Corporate Name Change to VG Life Sciences Inc. and Reverse Stock Split Effective November 27, 2012 originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.