The market value of pharmaceutical company ViaDerma (OTC: VDRM) rose to $23.89 million at the end of the last session following a rise of 79.41% to close the trading at $0.0244. A total of 691.03M shares have been traded recently, a greater volume than its daily average of 74.01M.
Furthermore, the VDRM stock’s price has ranged from $0.0144 to $0.0409. 979 million shares are outstanding in the pink sheets company when compared with 620.85 million shares of float. ViaDerma stock started surging in the last session as it was announced that all its debt has been paid off.
How ViaDerma paid-off its debt?
The publically-traded specialty pharmaceutical company ViaDerma not only develops new products to meet market demands but also licenses its cutting-edge technology to current-day leaders in the pharmaceutical field across a variety of therapeutic areas.
On Tuesday, ViaDerma announced that it has repaid all outstanding toxic convertible debt and the Company is no longer in debt.
- This over $869,900 debt was spread over five notes issued for payments received between 2016 and 2018.
- If the notes were converted, investors would have gotten over 600 million shares of VDRM stock.
- ViaDerma management eventually reached settlements with all noteholders after weeks of negotiation.
- All the notes and entire debt were canceled in exchange for a total of 70 million shares of ViaDerma stock.
- Having completed this payment last week, VDRM has now become free of debt.
- ViaDerma also shared that it has signed a licensing agreement for its Vitastem product in January 2021 that resulted in monthly revenues of $30,000.
- A total of $5,000 is paid each month by the licensee for each state where it is conducting business.
- The licensee presently operates in six states and expects to expand into more states in a couple of months.
What will be achieved?
Being debt-free will allow ViaDerma (VDRM) to focus on its business in addition to its strategic goals, and will also allow VDRM to fund its business activities on its own going forward.