Neurologix amends 10% convertible promissory notes sold in December

Deal extends maturity; company seeks capital to fund its operations

By Devika Patel

Knoxville, Tenn., Oct. 31 - Neurologix, Inc. amended the terms of its $7 million 10% secured senior convertible promissory notes on Oct. 28. The notes were sold to General Electric Pension Trust, Corriente Master Fund, LP and Palisade Concentrated Equity Partnership II, LP in a private placement on Dec. 6, 2011.

Under the agreement with investors, the notes' due date has been extended to Dec. 31, 2011 from Oct. 31, 2011, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company also said it is seeking financing from the investors and others in order to fund its operations. Neurologix previously said that if it could not obtain funds by Oct. 31, it might not be able to continue its business. It said in Monday's 8-K that it may not be able to continue beyond the end of November without raising capital.

Located in Fort Lee, N.J., Neurologix is a research and development company focused on treatments for brain and central nervous system disorders.

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