Innovus Pharmaceuticals amends $330,000 convertibles it sold in 2014

Debentures now expire on Sept. 13; Gemini also gets amended warrants

By Devika Patel

Knoxville, Tenn., March 16 – Innovus Pharmaceuticals, Inc. amended $330,000 of convertible debentures held by Gemini Master Fund, Ltd. on March 12, according to an 8-K filed Monday with the Securities and Exchange Commission. The convertibles had been sold to Gemini on Feb. 13, 2014.

Gemini and the company agreed to extend the debenture’s maturity date to Sept. 13, 2015 from March 13, 2015. The company may now also prepay the debenture.

In connection with this new agreement, Gemini received 250,000 common shares and the company amended a warrant issued in the same placement. The warrant will now be exercisable for 500,000 shares until March 12, 2020. The original warrant was exercisable for 250,000 shares until Feb. 13, 2019.

The pharmaceutical company is based in Sierra Madre, Calif.

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