Viral Genetics has exercised its option to obtain the remaining 56% of V-Clip it did not already own. Upon closing, Viral Genetics will own 100% of V-Clip and V-Clip’s exclusive worldwide rights to patent applications developed by Karen Newell, of the University of Colorado at Colorado Springs.
The acquisition is in response to the study team’s success in proving the viability of Dr Newell’s mechanism of action, which is now being used to further Viral Genetics’s research in HIV/AIDS and other immune based diseases.
V-Clip will be merged with and into the company’s wholly-owned subsidiary, also called Viral Genetics, Inc, a California corporation. The transaction will close upon completion of certain corporate filings with the California Secretary of State, which Viral Genetics estimates will occur within 15 days.
Haig Keledjian, co-founder and CEO of Viral Genetics, said: “The acquisition of V-Clip is indicative of our confidence in the value of its now proven research model, the development of which was led by Karen Newell, who we believe is on the cutting edge in science that could potentially unlock the mysteries behind HIV/AIDS and other immune based diseases. Our hope is that this model may result in the future creation of more effective and affordable therapies to aid those needlessly suffering worldwide.”