New York, Aug. 16 - Vaso Active Pharmaceuticals, Inc. said it completed a private placement of $2.5 million principal amount of senior secured convertible notes due May 1, 2007.
The notes convert into Vaso Active's class A common stock at a price of $0.70 per share.
Vaso Active also issued five-year warrants to buy a total of 1,298,701 shares at a price of $0.77 per share.
The investors also received rights to buy a further $1.875 million principal amount of the notes at any time up to the notes' maturity. They would also receive a further 974,026 warrants.
Net proceeds of $1.7 million - the figure includes an allowance for an escrow fund to cover interest payments on the notes - will be used to continue Vaso Medical's roll out strategy for its products and to develop and commercialize new products.
Vaso Medical is a Danvers, Mass., maker of over-the-counter pharmaceutical products using a patented vaso active lipid encapsulated technology and a proprietary topical technology.
| Issuer: | Vaso Active Pharmaceuticals, Inc.
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| Issue: | Senior secured convertible notes
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| Amount: | $2.5 million
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| Additional rights: | $1.875 million notes, 974,026 warrants
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| Conversion price: | $0.70
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| Warrants: | For 1,298,701 shares
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| Warrant term: | 5 years
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| Warrant strike price: | $0.77
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| Announcement date: | Aug. 16
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| Stock price: | $0.65 at close Aug. 16
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