Vaso investor seeks payment on portion of $2.5 million in convertibles

By Sheri Kasprzak

New York, June 7 - Vaso Active Pharmaceuticals, Inc. said that Smithfield Fiduciary LLC, holder of a portion of $2.5 million in defaulted convertible notes, is requiring the company to redeem the notes.

Smithfield holds $750,000 of the notes.

The redemption cost will equal 115% of the principal plus interest.

The notes were issued Aug. 15, 2005 and bore interest at Libor plus 600 basis points with a 10% floor and a 12% ceiling.

The notes now bear interest at 18%.

Located in Danvers, Mass., Vaso develops over-the-counter drugs.

Its stock ended unchanged at $0.10 on Thursday (OTCBB: VAPH).

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