Half-Year Update Provides Insight into Accelerating Pace of Developments
SAN MARINO, Calif., July 20, 2011 /PRNewswire via COMTEX/ -- Viral Genetics, Inc. (Pinksheets: VRAL) is providing this update of accomplishments and highlights from the first half of the year.
"We've made fundamental advancements implementing the company's strategic plan in the past six months," said Haig Kaledjian, CEO. "The hard work of our research scientists, our advisory board members and our corporate staff is now beginning to bear fruit as we experience an accelerating pace of developments in all areas of the business. The following overview provides some insight into these accomplishments and our future direction."
Enhanced Shareholder Communications: On August 3 at 4:30PM EDT, the Company will hold a corporate presentation via webcast to review recent and ongoing developments at Viral Genetics and VG Energy. Questions may be submitted by email to info@viralgenetics.com for consideration for inclusion during the Q&A portion of the presentation. Additionally, the Company website, www.viralgenetics.com, now includes the most recent corporate presentation and quarterly fact sheet for viewing and downloading. Individuals are also encouraged to subscribe to the Company's email list via www.viralgenetics.com to receive regular updates.
Ongoing Research Coverage: In 2011, the Company arranged for two new providers of issuer-paid research, Research 2.0 and Zacks Small Cap, to join Institutional Analyst in providing professional quality research reports covering Viral Genetics and its VG Energy subsidiary. The Research 2.0 and Zacks reports are available on the Company website, www.viralgenetics.com.
HIV/AIDS Program: In early 2011, the Company received feedback from the US FDA on its pre-IND for its HIV/AIDS drug program, APi1177. Furthermore, the company is now completing the securing of a long-term manufacturing relationship for its clinical-grade drug (GLP and GMP). We intend to proceed with in vitro tests as well as animal safety and toxicity studies which are required by the FDA prior to clinical trials in humans. We expect to file the full IND for APi1177 within 3-6 months, contingent on funding and completion of testing.
Lyme Disease Program: The Company is in the process of completing its pre-IND for the Lyme Disease drug program. A clinical investigator is now being recruited who will assist in completing the clinical design aspects of the pre-IND.
Awards: Company chief scientific advisor, M. Karen Newell-Rogers, PhD, and advisor, Richard Gerstner, were recently honored for their contributions to Lyme Disease research by Tyme for Lyme, a non-profit organization dedicated to eradication of tick-borne illnesses. The awards were presented at a gala black tie event in New York City.
Drug-Resistant Cancer Program: The investigator study of the Company's Metabolic Disruption ("MDT") compounds for treatment of drug-resistant cancers at Scott and White Hospital is undergoing Institutional Review Board review. The Company expects that this study will commence this summer, with approximately 12 months of follow up. The study was funded by an anonymous grant of $1.5 million to Scott and White, specifically directed to the study
"Our VG Energy subsidiary continues to exceed our expectations as a significant advancement in the algal bio-fuel sector. The algal bio-fuel segment of the alternative energy markets is garnering the largest share of institutional, VC and corporate investment dollars in the bio-fuel market, and is seen as the economically viable alternative to petroleum based fuels. We are pursuing several pathways for commercialization of VG Energy's technology," continued Mr. Kaledjian.
VG Energy - Industrial Scale Testing: Viral Genetics' majority-owned subsidiary, VG Energy, successfully completed the first phase of an independent industrial-scale demonstration of MDT lipid-enhancing compounds, which resulted in significantly increased yields of oils from algae. The second phase of this testing is dose response analysis, which examines whether manipulation of different quantities of MDT compounds can further enhance yields. Once this portion of testing is complete, it will be followed by industrial scale testing in a closed bioreactor algae-cultivation environment. Final results of this testing are expected within 2-3 months.
VG Energy - Other Testing: VG Energy is also completing testing of MDT compounds on various additional strains of algae and different processes. These tests include algae used in open pond or raceways (a circular configuration for moving nutrients and water through the algal growth pools); "reversing" the lipid-enhancing properties of MDT to increase glucose rather than oils, which reduces the steps needed to convert the algal product to a usable fuel; and testing MDT compounds on yeast used for production of omega-3 fatty acids.
VG Energy - Partnering Efforts: VG Energy is actively engaged in exploring strategic partnerships and business relationships including, but not limited to, licensing or collaborative research relationships with leading firms and academic institutions for the purpose of achieving commercialization and/or developing new applications of MDT compounds in energy, food, cosmetics and nutriceuticals.
About Viral Genetics, Inc.
San Marino, California-based Viral Genetics discovers drug therapies from two platform technologies based on over 60 patents: Metabolic Disruption (MDT) and Targeted Peptides (TPT). Founded in 1994, the biotech company is researching treatments for HIV/AIDS, Lyme Disease, Strep, Staph and drug resistant cancer. A majority-owned subsidiary, VG Energy (www.vgenergy.net), is dedicated to exploring biofuel and agricultural applications for the MDT platform. 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 Viral Genetics Inc. Using its Metabolic Disruption Technology (MDT), Viral Genetics' cancer research led to discoveries with major consequences in a wide variety of other industries, including production of biofuel and vegetable oils. VG Energy holds the exclusive worldwide license to the MDT patent rights for use in the increase of production of various plant-derived oils from algae and seeds. Application of MDT technology to the biofuel industry could potentially allow it to overcome its major obstacle in the area of production efficiency: namely, an increase in production yields leading to feasible economic returns on investment, allowing renewable biodiesel to be competitive with fossil fuels. For more information, please visit 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 Viral Genetics, Inc. from time to time in its periodic reports, including statements about its VG Energy, Inc. subsidiary. None of Viral Genetics' drug compounds are 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 Viral Genetics believes that the forward-looking statements and underlying assumptions reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Viral Genetics 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 Viral Genetics or any other person that the objectives and plans of Viral Genetics will be achieved.
Contact: Haig Keledjian, Viral GeneticsT: (626) 334-5310Email: info@viralgenetics.com
SOURCE Viral Genetics, Inc.
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