Nanogen need not comply with milestone required under convertibles agreements

By Devika Patel

Knoxville, Tenn., Nov. 18 - Nanogen, Inc. reached an agreement with the holders of at least 66.67% of each class of its 6.25% senior convertible notes, its senior secured convertible notes, its 9.75% senior secured convertible notes and its senior secured convertible bridge notes to adjust the terms of the notes.

In an 8-K filed Tuesday with the Securities and Exchange Commission, the company said the holders waived the company's obligations to comply with a milestone covenant that requires the company to file a preliminary proxy statement relating to its proposed business combination with Financiére Elitech SAS by Nov. 15. The holders agreed to waive the obligations in order to give the company time to prepare the statement.

San Diego-based Nanogen specializes in developing advanced diagnostic products.

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