EDAP TMS issues stock in exchange for $4.56 million convertibles

By Melissa Kory

Cleveland, Jan. 3 - EDAP TMS SA announced that it issued 1,441,743 ordinary shares in the form of American Depositary Shares in exchange for $4,558,000, or 4,558, senior debentures and 986,965 warrants.

The exchange reduced EDAP's outstanding convertible debt by $4.6 million to $10.5 million.

"We are particularly pleased with this very positive move to reduce the company's debt as it enhances our financial flexibility," Marc Oczachowski, chief executive officer, said in a news release.

"This significant improvement, together with the company's efforts to reduce and tightly control its operational expenses, will increase the company's ability to finance its development programs in the future."

Based in Vaulx-en-Velin, France, EDAP develops, produces and markets medical devices for the treatment of urological diseases.

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