Matritech gets deferral on scheduled payments of 15% convertibles

By Sheri Kasprzak

New York, July 13 - Matritech, Inc. said in an 8-K filed Friday with the Securities and Exchange Commission that it has received a deferral on scheduled payments on series A and series B 15% secured convertible promissory notes issued in January 2006.

The scheduled payments will now be made on Aug. 13, pushed back from July 13.

The holders that agreed to defer those payments were David B. Musket, a director of Matritech, and ProMed Funds, with which Musket is affiliated. Musket and ProMed hold 90% of those notes. The amount deferred was $1.365 million in principal.

The holders of the remaining 10% of notes that did not choose to defer their payments were paid in full with shares of common stock.

The notes were issued in principal of $7 million, are due Jan. 13, 2009 and are convertible at $0.61 each.

Based in Newton, Mass., Matritech develops diagnostic products to detect cancer.

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