Spectrx subsidiary obtains $1.5 million loan

By Jennifer Chiou

New York, Feb. 9 - Spectrx, Inc. said that its wholly owned subsidiary, Guided Therapeutics, Inc., closed on a $1.5 million loan, according to an 8-K filing with the Securities and Exchange Commission.

Guided Therapeutics said it executed for investors 10% promissory notes due the earlier of Aug. 2 or an additional financing for the company. If additional financing occurs before the notes' repayment, investors will receive warrants to purchase less than 1% of Guided Therapeutics stock.

The company said proceeds will go towards product development work, general working capital needs and reimbursement of expenses to Spectrx, which seeks separate funding for Guided Therapeutics.

The Norcross, Ga., diabetes management company said Guided Therapeutics obligations under the notes are guaranteed by a lien on the assets of wholly owned subsidiary Sterling Medivations, Inc., which does business as Simple Choice.

Susan M. Imhoff and John E. Imhoff, who own 31% of SpectRx's stock, were among the dozen investors.

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