MIAMI, March 6, 2008 (PRIME NEWSWIRE) -- Galea Life Sciences, Inc. (Pink Sheets:GLSN), whose BioSource Therapeutics, Inc. (BST) subsidiary manufactures and markets Nutraplete(tm) Therapeutic Drink Mix, the first dietary supplement produced specifically for people living with HIV/AIDS, has completed a $275,000 convertible debenture financing with Trafalgar Capital Specialized Investment Fund, Luxembourg.
The proceeds of the financing will be used to bring Nutraplete to production, obtain Medicaid approval in New York and California and to register Nutraplete on the bulk procurement list of WHO (World Health Organization) and PEPFAR (President's Emergency Plan For AIDS Relief). Distribution of Nutraplete will be through MOMS Pharmacy, the HIV/AIDS specialist pharmacy owned by Allion Healthcare (Nasdaq:ALLI).
"This important step advances our ongoing strategy to bring Nutraplete to the global marketplace," said Paul Zuromski, President of Galea Life Sciences, Inc. "The issue of proper nutrition is paramount to the care and treatment of people living with HIV/AIDS, and Nutraplete offers an effective solution to deliver essential nutrients."
The convertible debenture requires repayment of the funds beginning four months from closing. The purchaser may convert them to GLSN common stock at 80% of the lowest closing bid price for the five days preceding the conversion request or 100% of the volume weighted closing average price on the closing date, whichever is lower. The debentures accrue interest at 12% per year until such time that the Company files a registration statement registering the shares underlying the debentures at which time the interest rate is reduced to 10%, with a further reduction to 8% per year once the registration statement is declared effective.
About Nutraplete
Nutraplete is the first dietary supplement produced specifically for people living with HIV/AIDS. It is a "functional food" that promotes the restoration of lean body mass, can inhibit pro-oxidative stress, and improves immune function. Formulated to address AIDS Wasting Syndrome, Nutraplete works in conjunction with existing antiviral therapies by assisting patients in the adherence and tolerance of treatments. Nutraplete is available by prescription, and has begun the application process for inclusion with Medicaid and AIDS Drugs Assistance Program (ADAP) formularies. Nutraplete is distributed exclusively in the U.S. by Allion Healthcare, Inc. (Nasdaq:ALLI) under its MOMS Pharmacy trade name. www.momspharmacy.com.
For more information: www.nutraplete.com
About Galea Life Sciences, Inc.
Galea Life Sciences, Inc. (Pink Sheets:GLSN) is currently a non-reporting over-the-counter, publicly traded company. GLSN identifies and acquires new and innovative nutraceutical product and dietary supplement companies with outstanding growth potential. GLSN's focus is in the emerging scientific field of advanced nutritional supplements designed to support traditional medical treatments and therapies. BioSource Therapeutics, Inc. (BST), a GLSN subsidiary, is an entrepreneurial life sciences company. BST specializes in the formulation, manufacturing, marketing and distribution of innovative dietary supplements that benefit people undergoing medical treatments and therapies.
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