Hemagen again extends exchange offer on $6.09 million convertible notes

New York, Dec. 17 - Hemagen Diagnostics Inc. said Friday it plans to, yet again, extend the exchange offer on its $6,090,000 senior subordinated secured convertible notes and modified notes.

The offer will now expire at midnight ET on Dec. 21, extended from the previously scheduled Dec. 17 expiration.

So far, $5.765 million, or 94%, of the principal amount of the notes has been deposited for exchange, up slightly from $5.725 at the last announcement on Dec. 4.

At the previous announcement on Dec. 3, the interest rate on the modified notes was increased to 8% from 6%.

The exchange offer was originally set to expire Oct. 15 but has been extended eight times.

Under the terms of the exchange, Hemagen will exchange $2.04 million of the notes for stock at $0.40 per share and $4.05 million for modified notes.

The modified notes mature Sept. 30, 2009. Those notes are convertible into stock at $0.75.

Hemagen, based in Columbia, Md., is a biotechnology company specializing in diagnostic test kits. The company's stock closed unchanged Friday at $0.32.

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