Radient once more revises $4.95 million of convertibles and preferreds

Maturity dates are extended; investors agree to curb daily stock sales

By Devika Patel

Knoxville, Tenn., Nov. 29 - Radient Pharmaceuticals Corp. said it once again amended the terms of $4.95 million of its 4% convertible notes and of $6.7 million of its 4% series A convertible preferred stock on Nov. 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The notes were previously amended on Aug. 1 and Aug. 26.

The restructurings allow the company to extend the maturity date of the notes and preferrreds to Nov. 28, 2012, and the investors also agreed to limit their daily sales of company common stock and waived the notes' installment payments.

"Completing these restructurings was a necessary step forward for Radient. Extending the maturity of defaulted indebtedness and preferred stock and having each noteholder agree with us to limit its sales of our common stock is a significant achievement in the life of Radient and the product of extensive efforts and negotiations. This alleviates an immediate financial burden on Radient and allows Radient to focus on gaining traction on its sales of Onko-Sure domestically and internationally," Radient chairman and chief executive officer Douglas MacLellan said in a press release.

The notes were issued in exchange for $8.44 million of convertibles in June after the company defaulted on the original notes. Investors include Alpha Capital Anstalt and Whalehaven Capital Fund Ltd.

Based in Tustin, Calif., Radient is a developer and marketer of In Vitro Diagnostic Onko-Sure cancer tests.

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