Implant Sciences defaults on promissory notes, tries to get financing

By Devika Patel

Knoxville, Tenn., Dec. 23 - Implant Sciences Corp. said is continuing to negotiate financing after it failed to pay off its senior secured promissory notes and revolving promissory note that were due on Dec. 10.

On Dec. 20, the company received a default notice from DMRJ Group LLC due to its failure to pay the $7.51 million principal and $149,292 of interest that was due on notes held by DMRJ.

The company is negotiating with DMRJ to resolve these defaults.

Based in Wakefield, Mass., Implant Sciences makes ion technology products used in the semiconductor, homeland security and medical device sectors.

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