Inovio Biomedical extends maturity on $2.43 million promissory note

By Sheri Kasprzak

New York, Dec. 6 - Inovio Biomedical Inc. said it has received an extension by 15 days the maturity on $2.43 million promissory notes.

The notes will now be due Dec. 15 instead of the original Nov. 30.

Verdas Invest Ltd. and Baystar Capital II, LP hold the notes.

Inovio has the option to repay the notes in cash or series C cumulative convertible preferred stock.

Based in San Diego, Inovio is biotechnology company focused on the commercialization of cancer therapies.

On Tuesday, the company's stock lost $0.11 to end at $2.24.

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