By Sheri Kasprzak
New York, Feb. 17 - QuantRx Biomedical Corp. said it has completed a private placement of convertible promissory notes for $4.03 million.
The 8% notes mature Dec. 31, 2006 and are convertible into common shares at $1.00 each six months after issuance.
The principal plus interest on the note will be automatically exchanged into any of the company's securities issued in a qualified equity or equity-based financing of at least $2 million.
If such an equity financing is not completed, the full principal plus interest of the note is due on Dec. 31, 2006.
Based in Ambler, Pa., QuantRx is a biomedical research company focused on developing medical platforms for a variety of disorders.
| Issuer: | QuantRx Biomedical Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $4.03 million
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| Maturity: | Dec. 31, 2006
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $1.00
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| Warrants: | No
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| Settlement date: | Feb. 15
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| Stock symbol: | Pink Sheets: QTXB
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| Stock price: | $1.85 at close Feb. 15
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