By Sheri Kasprzak
New York, Dec. 29 - Vyteris Holdings (Nevada), Inc. said it has raised $500,000 in senior secured convertible debentures from an option exercised by investor Qubit Holdings LLC.
The option was part of a $10 million convertible debenture offering completed on Aug. 19, 2005.
The 8% debentures mature in 2008 and are convertible into common shares at $2.40 each.
For the exercise of the option, Qubit received warrants for 159,840 shares. The full terms of the warrants could not immediately be determined.
Based in Fair Lawn, N.J., Vyteris is a biopharmaceutical company focused on manufacturing therapeutics using iontophoresis technology.
| Issuer: | Vyteris Holdings (Nevada), Inc.
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| Issue: | Senior secured convertible debentures
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| Amount: | $500,000
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| Maturity: | 2008
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $2.40
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| Warrants: | For 159,840
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| Investor: | Qubit Holdings LLC
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| Settlement date: | Dec. 23
|
| Stock price: | $1.40 at close Dec. 23
|
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