Medical Solutions Management reduces conversion price on convertibles

By Sheri Kasprzak

New York, July 12 - Medical Solutions Management Inc. has cut the conversion price on 6% debentures due March 2009.

The debentures, held by Vicis Capital Master Fund and Apogee Financial Investments Inc., will now be convertible at $0.10 each, reduced from $0.30 each.

The $1.266 million in senior secured convertible debentures were issued in April 2007. The investors, at the time, also received warrants for 4.22 million shares, exercisable at $0.345 each, and warrants for 4.22 million shares, exercisable at $0.375, both expiring in five years.

The strike price on 4,000,001 warrants issued to Vicis in the deal was reduced to $0.01 after Medical Solutions paid the investor $2.1 million in cash.

The strike price on the remaining warrants was reduced to $0.20.

Based in Marlboro, Mass., Medical Solutions develops orthopedic and podiatric medical equipment.

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