VistaGen Therapeutics, a biotech company applying pluripotent stem cell technology for drug rescue, predictive toxicology, and drug metabolism assays, today provided an update on the status of its strategic financing agreement with Autilion AG.
VistaGen in April signed an initial agreement with Autilion, a Bergamo Acquisition Corp. subsidiary, in which Autilion committed to invest $36 million in VistaGen in consideration for 72 million shares of restricted VistaGen common stock, at a price of $0.50 per share, in a series of closings ending on or before September 30, 2013.
Under the terms of the parties’ amended agreement, the parties today report that they have completed a first closing and scheduled additional closings to occur in July, August, and September 2013. As previously announced, the self-placed strategic financing does not include warrants or investment banking fees.
“I met with Autilion’s team earlier this week, and we have been working closely with them since signing our agreement in April,” Shawn K. Singh, VistaGen’s CEO, stated in the press release. “We are confident and excited about completing this transformative financing. Building on the positive developments in our labs presented during the Annual Meetings of the Society of Toxicology and International Society of Stem Cell Research in March and this month, respectively, we look forward to accelerating our lead programs towards valuable outcomes for our shareholders.”
VistaGen’s drug rescue activities integrate the company’s human pluripotent stem cell technology platform, Human Clinical Trials in a Test Tube™, with modern medicinal chemistry to create novel, safer chemical variants (Drug Rescue Variants) of once-promising small molecule drug candidates.
For more information, visit www.vistagen.com
About MissionIR
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website
http://www.missionir.com/disclaimer.html
