Vitro Diagnostics, Inc. (OTCBB: VODG), dba Vitro Biopharma, announced the completion of a private placement of its common stock and warrants representing an initial investment of $87,500, with an additional $87,500 should the warrants be exercised, by a group of private investors who previously purchased the Company’s stock at a 36% lower price, through a prior private placement. Please see the associated Form 8-K for additional details regarding this transaction.
“Tools for Stem Cell and Drug Development™”
“We are very pleased to announce additional capital infusion into the Company at this time,” said Dr. Jim Musick, Ph.D., Vitro’s CEO. “This capital provides funding for our ongoing expansion of manufacturing to meet growing demand for our 'Tools for Stem Cell and Drug Development™' product line. We anticipate that the capital provided will allow us to gain profitability and continue to expand product sales. We have been able to achieve commercialization of our stem cell products and near term opportunities to achieve profitability while maintaining a favorable capital structure with less than 20 million shares outstanding. We have developed and manufacture superior products allowing us significant product sales with modest cash infusion and marginal shareholder dilution through prudent management of our available capital. In addition to financial support, this investor group has agreed to provide marketing and public relations resources to continue the growth of sales Vitro has recently experienced.”