By Sheri Kasprzak
New York, Jan. 23 - Matritech Inc. wrapped a private placement of series B secured convertible promissory notes for $4.36 million.
The 15% notes are due Dec. 13, 2007 and are convertible into 6,928,572 common shares at $0.63 each.
The investors included SDS Capital Group SPC Ltd., H&Q Life Sciences Investors and ProMed funds.
The investors received warrants for 4,157,143 shares, exercisable at $0.63 each for five years.
Proceeds will be used for research and development, sales and marketing and working capital and general corporate purposes.
Based in Newton, Mass., Matritech develops protein-based diagnostic products to diagnose cancer.
| Issuer: | Matritech Inc.
|
| Issue: | Series B secured convertible promissory notes
|
| Amount: | $4.36 million
|
| Maturity: | Dec. 13, 2007
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | $0.63
|
| Conversion ratio: | Into 6,928,572 shares
|
| Warrants: | For 4,157,143 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.63
|
| Investors: | SDS Capital Group SPC Ltd., H&Q Life Sciences Investors, ProMed funds
|
| Settlement date: | Jan. 16
|
| Stock symbol: | Amex: MZT
|
| Stock price: | $0.70 at close Jan. 16
|
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