By Devika Patel
Knoxville, Tenn., Feb. 8 - Vyteris, Inc. announced a $1.06 million private placement of senior subordinated convertible promissory notes due 2013.
The notes bear no interest and are convertible into common stock at an initial conversion price of $0.20.
Investors also received five-year warrants for 5.3 million shares, which are exercisable at $0.20.
Proceeds will be used for research and development, working capital and general corporate purposes.
Based in Fair Lawn, N.J., Vyteris makes a drug-delivery patch.
| Issuer: | Vyteris, Inc.
|
| Issue: | Senior subordinated convertible promissory notes
|
| Amount: | $1.06 million
|
| Maturity: | 2013
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion price: | $0.20
|
| Warrants: | For 5.3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Announcement date: | Feb. 8
|
| Stock symbol: | OTCBB: VYTR
|
| Stock price: | $0.65 at close Feb. 5
|
| Market capitalization: | $6.69 million
|
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