Atlanta, Georgia (PRWEB) September 07, 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 that Platinum Long Term Growth VII, LLC purchased a $750,000 secured convertible promissory note, supplementing its purchase of a similar note earlier this year in the principal amount of $500,000. All amounts due under the two notes are expected to be rolled into a proposed financing by Platinum anticipated to result in gross proceeds to VistaGen of at least $3.25 million, including $1.25 million from the two outstanding notes.
VistaGen also told investors of the strategic restructuring of approximately $2.38 million of long-term indebtedness to Morrison & Foerster LLP (M&F), its intellectual property counsel. The restructuring is expected to result in VistaGen’s issuance of restricted common stock to M&F, at a price of $1.00 per share, as payment for approximately $1.38 million of the principal amount of such long-term indebtedness.
“We are very pleased with these recent endorsements from our largest institutional investor and our highly-regarded, long-time intellectual property counsel,” stated Shawn K. Singh, CEO of VistaGen Therapeutics. ”Their confidence in our team and stem cell technology platform is a key component of the foundation underlying our core drug rescue, predictive toxicology and drug metabolism screening initiatives.”
Those who wish to review further information regarding VistaGen’s recent financing and debt restructuring transactions with Platinum Long Term Growth Fund and Morrison & Foerster, respectively, should visit the company’s website to find the 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.