VG Life Sciences Inc. Moves to Restore Financial Accountability & Completes Prior Year Audits, Plans to File Form 10

SANTA BARBARA, Calif., May 1, 2014 (GLOBE NEWSWIRE) -- VG Life Sciences (VGLS) is a publically traded biotechnology company focused on developing treatments for patients suffering from autoimmune and infectious diseases.

VG Life Sciences is pleased to announce the completion of prior year audits. KWCO, PC Certified Public Accountants completed the audit, which includes consolidated balance sheets of the Company as of December 31, 2012 and 2013. It also includes related consolidated statements of operations, stockholders' equity and yearly cash flows from the Company's inception in 1995 through the end of 2013. VG Life Sciences' audited financials will be filed with the Securities & Exchange Commission as the Company now moves to file Form 10 with the SEC. The Company has engaged Trombly Business Law, PC for the specific purpose of filing on behalf of the Company. When approved by the SEC, the Company intends to list on the OTCQB.

"We continue to move through the milestones we committed to in our July 2013 Letter to Shareholders," said John Tynan, President & CEO. "Restoring financial accountability to the market and our shareholders is an important step in moving our custom and patented Targeted Peptide Technology (VG1177) toward clinical trials. VG1177 has a wide range of potential inflammatory and autoimmune applications, including HIV/AIDS, Hypertension, Preeclampsia, Brain Trauma, Lyme disease, and many more. So it is important for us to stay focused and move this breakthrough molecule to market."

Currently the company is in preclinical animal safety studies at ITR Laboratories in Canada which will conclude in the 4th quarter of this year. In addition, VG1177 research models are underway at Texas A &M and other leading research institutions across the country. The Company is also in a Phase I Physician's IND cancer clinical trial at the University of Texas.

About VG Life Sciences Inc.

Santa Barbara, California-based VG Life Sciences, Inc., formerly known as Viral Genetics, is a biotechnology company focused on discovering and developing drug therapies for cancer, infectious disease, and inflammatory, autoimmune disorders. VGLS controls over 45 US and international patents and pending patents protecting its exclusive biotech platform technologies. For more information and upcoming events, visit www.vglifesciences.com or find VG Life Sciences, Inc. on Facebook, Twitter, and LinkedIn.

Safe Harbor Statement and Forward-Looking Statements

This news release may contain forward-looking statements that involve risks and uncertainties associated with financial projections, milestone timelines, clinical development, regulatory approvals and other risks described by VG Life Sciences from time to time in its periodic reports. None of VG Life Sciences' drug compounds are approved by the US FDA or by any comparable regulatory agencies elsewhere in the world. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the forward-looking statements should not be regarded as a representation by VG Life Sciences Inc. or any other person that the objectives and plans of VG Life Sciences will be achieved.

CONTACT: Allie Trabucco, Corporate Communications VG Life Sciences, Inc. Phone: (805) 879-9000 Email: atrabucco@vglifesciences.com

Source:VG Life Sciences