Matritech gets deferral on principal payments of 15% convertible notes

By Sheri Kasprzak

New York, April 16 - Matritech Inc. received agreements from the majority of the holders of its 15% series A secured convertible promissory notes to defer principal and interest payments for one month.

The payment previously due on April 13 will now be due on May 13.

The payment due on May 13 will be paid in stock, according to a Matritech news release.

The notes were issued in principal of $7 million in January 2006. The investors include SDS Capital Partners and H&Q Life Science Investors.

The notes are due Jan. 13, 2009 and are convertible at $0.61 each.

Based in Newton, Mass., Matritech develops diagnostic products to detect cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.