$VRNI -- Virogen Announces Discussions With Europ

$VRNI --

SAN GERONIMO, Calif., Feb. 9, 2012 (GLOBE NEWSWIRE) -- Virogen Inc. (OTC:VRNI), a holding company specializing in data security and encryption technology, today announced that the company is in discussions with a European hedge fund to secure long term financing for the commercialization of its products and services worldwide.

Negotiations are ongoing in the development of a term sheet; however, the general parameters of the financing package have been discussed and agreed to in principal by both parties. Virogen will use the proceeds from this financing to assist the company in its worldwide expansion and acquisition of contracts that the company believes can generate millions in revenue. Management believes that multinational corporations and governments worldwide are looking for and willing to pay for innovative security solutions to address the epidemic of data breaches.