These transactions represent a tremendous vote of confidence by four of our major stakeholders...
Atlanta, GA (PRWEB) October 17, 2012
MissionIR would like to highlight VistaGen Therapeutics, Inc. (OTCBB: VSTA), a biotechnology company, focused on applying proprietary human pluripotent stem cell technology for drug rescue and cell therapy. Its Human Clinical Trials in a Test Tube is a pluripotent stem cell technology platform for predictive toxicology, drug development, and drug rescue.
In the company’s news yesterday,
VistaGen Therapeutics announced the completion of the previously announced $3.25 million financing commitment with Platinum Long Term Growth VII, LLC (Platinum) and approximately $3.0 million strategic debt restructuring. The combined transactions involve the company’s three largest institutional shareholders and its patent counsel.
“Today marks a significant turning point for VistaGen. These transactions represent a tremendous vote of confidence by four of our major stakeholders and position us to realize the full measure of our commercial opportunities involving our stem cell technology platform and AV-101 clinical program,” stated Shawn K. Singh, VistaGen’s Chief Executive Officer.
“Our expectations are set very high. Over the next 12 months, we plan to achieve multiple transformative milestones, both in the lab and in the clinic. This funding provided by Platinum, combined with our strategic equity-based restructuring transactions with Cato Research, Morrison & Foerster and University Health Network, will be instrumental in our success,” concluded Mr. Singh.
Allen Cato, M.D., Ph.D., co-founder and Chief Executive Officer of Cato Research, commented, “By more closely approximating human biology, VistaGen’s stem cell-based bioassay systems can improve the predictability of the drug development cycle and lower the cost of new drug research and development. We are pleased to support VistaGen’s efforts to transform the drug development process and to bring safer, more effective therapies to market.”
Michael Goldberg, M.D., Portfolio Manager of Platinum Long Term Growth VII, added, “VistaGen has been, and continues to represent, an excellent investment opportunity for Platinum. Our continued commitment toward supporting VistaGen underscores our confidence in the Company’s novel stem cell technologies and AV-101.”
Investors who wish to obtain further information regarding these transactions should view the company’s Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.