Viral Genetics to Change Name, Reduce SharesWednesday, November 21, 2012
Viral Genetics Inc. announced that it will change its name and implement a 1-for-600 reverse split of its common stock as part of a wider corporate restructuring.
The San Marino company, which is developing an experimental therapy for drug-resistant ovarian cancer, said late Tuesday that beginning next week it will be known as VG Life Sciences Inc. Pending regulatory approval, the company also plans to reduce the number of common shares on Monday from roughly 3 billion to 70 million.
The company earlier this fall increased the number of common shares to help pay off some creditors. The stock currently trades for less than 1 cent a share on the Pink Sheets.
Based on Wednesday’s closing price, the reverse split would raise the stock price to 48 cents a share.
Viral Genetics also is developing treatments for chronic Lyme disease and HIV and AIDS, and has a pipeline of potential drugs to treat multiple sclerosis, sepsis and other infections. In addition to drug development, a subsidiary called VG Energy is developing more efficient biofuel and agricultural products.
The new name “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,” Chief Executive Haig Keledjian said in a statement.
About 9.7 million in Series A preferred shares, owned by Keledjian and other company founders, is not affected by the split.