MONTREAL, Dec. 21, 2007 (PRIME NEWSWIRE) -- Viropro Inc. (OTCBB:VPRO) wishes to inform its shareholders that the first tranche of US$300,000 related to the US$1.5 Million Loan Financing announced on October 11, 2007, has not yet been closed due to unfavorable market conditions. The Loan Financing was subject to usual conditions, some of them being related to relatively stable price of Company's Common Shares. In light of that, the Board of Directors is announcing an extraordinary special shareholders meeting that will be held on January 24, 2008, at 8515 Place Devonshire, Suite 207, Montreal (Quebec) CANADA H4P 2K1, at 9:00 AM local time.
At the meeting, Directors and Management will present the situation and will discuss the Company's ability to continue its activities providing that, by January 24, 2008, the Company is able to secure financing. Shareholders will be asked to vote on the Company's ability to continue its activities.
The Company is still actively pursuing financing alternatives to fund its projects and to ensure its development. The Company's research and development activities progressed significantly during the last 6 months and Management is pursuing its efforts to sign other valuable agreements with business partners.
About Viropro Inc.
Viropro Inc. conducts operations through its subsidiary Viropro International Inc., whose head office is located in Montreal, Canada. Viropro is a rapidly expanding biopharmaceutical company specializing in the transfer of its technologies for industrial production of biogeneric therapeutic proteins, excluding therapeutic vaccines, for the treatment of various diseases including cancer, diabetes, hepatitis or multiple sclerosis. The company's principal objective is to bring about the transfer of technology to pharmaceutical companies in emerging markets with unmet medical needs such as in South America, Asia and Africa. To expand its range of expertise in biopharmaceuticals excluding therapeutic vaccines, Viropro has concluded strategic alliances with various scientific and business partners renowned in national and international spheres. Viropro's business model rests on a strategy aimed at generating recurrent short and long-term revenues, all while maximizing the value of assets and profits of its shareholders.
Viropro Inc. Safe Harbor Statement
Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, goals, assumptions of future events or performances are not statements of historical fact and may be "forward-looking statements." Forward-looking statements in this release may be identified through the use of such words as "expects," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors. For more information on Viropro Inc., please visit our website on www.viropro.com