Radient again amends terms of $4.95 million convertibles, preferreds

Installment payment, automatic conversion, maturity dates are revised

By Devika Patel

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

The company modified the installment payment dates under the 4% notes and the automatic conversion dates under the preferreds to Aug. 22, 2011, Oct. 4, 2011, and Nov. 4, 2011.

Additionally, the maturity date of the note and the final redemption date of the preferreds was changed to Dec. 8, 2011.

The notes were issued in exchange for $8.44 million of convertibles in June after the company defaulted on the original notes.

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

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