DOV Pharmaceutical exchanges $10 million 2.5% convertible debentures for stock

By Laura Lutz

Des Moines, July 27 - DOV Pharmaceutical, Inc. agreed to convert $10 million of its 2.5% convertible subordinated debentures due 2025 into 3.445 million shares of common stock, according to an 8-K filing with the Securities and Exchange Commission.

The company will cancel the debentures, reducing its outstanding bonds to $70 million from $80 million.

Located in Somerset, N.J., DOV discovers, acquires, develops and commercializes novel drug candidates for central nervous system disorders.

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