New Issue: Radient Pharmaceuticals seals $5.52 million convertible notes placement

By Devika Patel

Knoxville, Tenn., April 13 - Radient Pharmaceuticals Corp. sold $5.52 million of 12% convertible promissory notes for $3.23 million on Thursday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The notes mature on April 7, 2011 and are convertible into common shares at a price equal to 80% of the five-day volume-weighted average closing price of the stock preceding the date of conversion.

The investors also received warrants for 6,569,585 shares, which are exercisable at $0.38 for five years.

Radient is a Tustin, Calif., pharmaceutical company.

Issuer:	Radient Pharmaceuticals Corp.
Issue:	Convertible promissory notes
Amount:	$5,524,425
Maturity:	April 7, 2011
Coupon:	12%
Price:	$3,225,000
Conversion price:	80% of five-day VWAP
Warrants:	For 6,569,585 shares
Warrant expiration:	Five years
Warrant strike price:	$0.38
Settlement date:	April 8
Stock symbol:	NYSE Amex: RPC
Stock price:	$0.71 at close April 8
Market capitalization:	$29 million

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