$RDGL - News Out - Vivos, Inc. Completes Common St

$RDGL - News Out - Vivos, Inc. Completes Common Stock Equity Financing to Fund Roll Out of IsoPet™ and Eliminate Toxic Debt
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Richland WA, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Vivos, Inc. (OTC PINK: RDGL) Vivos, Inc. a pharmaceutical company researching and developing minimally invasive treatments to combat cancer in humans and animals, announced today, that the company has successfully raised enough funding to eliminate toxic debt through the activation of the Path Forward Standstill Agreement announced on September 24, 2018. As previously disclosed, under Path Forward Standstill Agreement, the remaining outstanding balance on all the secured debentures totaling approximately $2,500,000 automatically convert into Company stock at a fixed conversion price of $.004. These shares will be subject to a restriction on any sales below $.02 through December 31, 2018 and will have volume limitations on any sales below $.01 during the first six months of 2019.

The private placement financing includes approximately $700,000 of new cash funding, as well as an approximate additional $900,000 from the conversion of bridge notes, conversion of past due compensation, and the conversion of a long-term loan held by the Company’s Chairman.

All shares to be issued in the private placement are restricted securities. Under the terms of the private placement, the per share purchase price is $.005 per share. The private placement purchasers are also to be issued warrants in an amount equal to 50% of the common shares purchased. The warrants have a two-year term and an exercise price of $.01

Mike Korenko, Vivos, Inc. CEO, stated “This funding is crucial for our efforts to accelerate development and begin initial commercialization of IsoPet™ and develop RadioGel™, a treatment for human cancer. Vivos will be now free of convertible toxic debt and will have a dramatically improved our balance sheet. This sets the stage to pursue a substantial funding package to focus on expanding our animal testing and the pre-clinical testing required for the Investigational Device Exemption required by the FDA to initiate clinical trials for human skin cancer therapy and to more aggressively pursue development and commercial sales in the animal health sector with IsoPet™.”

Vivos advisor, George Sharp, commented, “I am encouraged that Vivos will soon be able to fund its entire 2019 program at terms more beneficial to Vivos and its shareholders. I truly believe that management is on the cusp of bringing great things into the world cancer treatments and to the investors standing behind it.”