Viropro, Inc., a San Jose, CA-based company engaged in the development and manufacturing of biopharmaceutical drugs, reached an agreement to raise up to $500k in convertible debt from Spring Hill Bioventures.
Simultaneously, Spring Hill has made an initial commitment of $200k. Under the terms of the deal, additional notes may be sold up to the $500k maximum prior to December 31, 2014, subject to a minimum purchase of $10k.
The proceeds will be used for the preparation of audited financial statements, the implementation of the company’s strategic plans and for general corporate purposes.
Led by Dr. Joseph Vallner, Acting CEO, Viropro conducts operations through its wholly owned subsidiary, Alpha Biologics (Penang, Malaysia), which seeks to offer solutions to the biopharma industry from drug concept through to product manufacturing.