ViaDerma, Inc. Announces the Payment of all Toxic Convertible Notes and Has Become Debt Free
The Company expects to completely self-fund all operations going forward
LOS ANGELES, March 16, 2021 (GLOBE NEWSWIRE) -- ViaDerma, Inc., ("Company") (OTC Pink: VDRM), is pleased to announce they have paid off all outstanding toxic convertible debt and the Company is now completely debt free.
The total debt amounted to more than $869,900 and was spread out over five notes held by multiple creditors dating back to 2016, issued for monies received between 2016 to 2018. Conversion of the notes could have resulted in the issuance of more than 600 million shares of Company stock. After weeks of negotiation, ViaDerma management was able to reach settlements with the individual noteholders totaling only 70 million shares of ViaDerma stock in exchange for the cancellation of all the notes and the entire debt. As a result of this payment which was completed last week the Company is now completely debt free.
Dr. Chris Otiko, ViaDerma President and CEO said, "Being completely out of debt is a major milestone for us. With this behind we can now focus all of our attention on increasing sales and continuing to expand our business. My expectation is that we will be able to self-fund all of our operations from this point on and should no longer require to take on any debt."
ViaDerma also announced the licensing agreement they entered into in January 2021 for use of its Vitastem product has resulted in revenues of $30,000 per month since it began two months ago. The Company receives $5,000 per month for each state in which the licensee is doing business. The licensee is currently in six states and expects to expand to more states within the next 30-60 days.
About ViaDerma, Inc.
ViaDerma, Inc. (OTC: VDRM) is a publicly traded specialty pharmaceutical company committed to bringing new products to market and licensing its innovative technology to current leaders in the pharmaceutical industry in a wide variety of therapeutic areas. For more information, visit: www.viadermalicensing.com
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