Radient Pharmaceuticals sells $3.32 million of discounted convertibles

Notes sold for $3 million; company has severe working capital shortage

By Devika Patel

Knoxville, Tenn., Dec. 16 - Radient Pharmaceuticals Corp. signed a term sheet on Feb. 23 to sell $3,315,000 of convertible notes for $3 million in a private placement, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company will sell $250,000 of notes for cash at closing, with the remainder to be sold in increments over one year. The convertibles mature in 18 months.

The company has "a severe working capital shortage," it said in the 8-K, and is unable to pay its ordinary obligations. It noted that it is seeking additional financing.

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

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