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Matritech to redeem warrants issued with 15% convertible notes
By Sheri Kasprzak
New York, Aug. 2 - Matritech, Inc. said Thursday that holders of a majority of outstanding principal of two series of 15% secured convertible promissory notes issued in 2006 and 2007 agreed to allow Matritech to redeem warrants issued in the placements.
The investors hold 784,314 warrants. The warrants will be redeemed at $0.04 each.
The investors hold series A and series B 15% secured convertible promissory notes. The series A notes were issued Jan. 13, 2006, and the series B notes were issued Jan. 22, 2007.
Based in Newton, Mass., Matritech develops diagnostic products to detect cancer.
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