By Devika Patel
Knoxville, Tenn., July 7 - Vyteris, Inc. settled a $1.15 million private placement of subordinated convertible promissory notes due Sept. 30, 2010 on June 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Spencer Trask Ventures, Inc. was the agent.
The 6% notes will be convertible into common stock at a conversion price equal to the price of securities sold in the company's next financing.
Investors also received five-year warrants for 2.3 million shares, which are exercisable at $0.25.
Based in Fair Lawn, N.J., Vyteris makes a drug-delivery patch.
| Issuer: | Vyteris, Inc.
|
| Issue: | Subordinated convertible promissory notes
|
| Amount: | $1.15 million
|
| Maturity: | Sept. 30, 2010
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Warrants: | For 2.3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Agent: | Spencer Trask Ventures, Inc.
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: VYTR
|
| Stock price: | $0.46 at close June 30
|
| Market capitalization: | $31.3 million
|
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