Paul Knopick E & E Communications pknopick@eandecommunications.com (Tel:) 949.707.5365
Radient Pharmaceuticals Corporation Completes Restructurings with Institutional Investors to Limit Conversions and Stock Sales and Provide for Potential Additional Capital
TUSTIN, Calif., Nov. 29, 2011 /PRNewswire via COMTEX/ -- Radient Pharmaceuticals Corporation (OTCQX:RXPC) (OTCPK:RXPC), developer and marketer of the Onko-Sure® In Vitro Diagnostic (IVD) cancer test, today announced it has completed restructurings with each of the company's 2011
Noteholders (who hold convertible notes and shares of Series A Convertible Preferred Stock) and Alpha
Capital Anstalt ("Alpha") and Whalehaven Capital Fund Ltd. ("Whalehaven"). The restructurings allow the company to satisfy its obligations to each of the 2011 Noteholders and each of Alpha and Whalehaven over a lengthened time-frame. In addition to the extension of maturity of the notes and preferred stock, a key feature of these restructurings was that each of the 2011 Noteholders and each of Alpha and Whalehaven each separately agreed with us to limit their respective daily sales of our common stock.
A detailed description of the various agreements entered into
in connection with the restructurings, together with the
forms of agreements, are contained in a Current Report on
Form 8-K filed by the Company with the SEC on November 29,
2011.
"Completing these restructurings was a necessary step
forward for Radient. Extending the maturity of defaulted
indebtedness and preferred stock and having each noteholder
agree with us to limit its sales of our common stock is a
significant achievement in the life of Radient and the
product of extensive efforts and negotiations. This
alleviates an immediate financial burden on Radient and
allows Radient to focus on gaining traction on its sales of
Onko-Sure domestically and internationally," stated
Radient Chairman and CEO, Mr. Douglas MacLellan.
"While our potential for revenue growth based upon our
currently approved indications in various markets across the
world remains significant, we are now positioned to make
strategic investments in research and development supporting
regulatory clearances for new cancer indications. We are
confident that having the maturities extended and selling
limitations in place will enable all Radient Pharmaceutical
shareholders to benefit from our growth," added
MacLellan.
For additional information on Radient Pharmaceuticals
Corporation and its products visit: www.radient- pharma.comor e-mail info@radient-pharma.com.
For Investor Relations contact Paul Knopick at: pknopick@eandecommunications.comor 949-707-5365.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals
Corporation is dedicated to saving lives and money for
patients and global healthcare systems through the deployment
of its FDA-cleared In Vitro Diagnostic
Onko-Sure® cancer test kit for colorectal cancer
treatment and recurrence monitoring. The Company's focus
is on the discovery, development and commercialization of
unique high-value diagnostic tests that will help physicians
answer important clinical questions related to early disease
state detection, treatment strategy, and the monitoring of
disease progression or recurrence. To learn more about our
company, products, and potentially life-saving cancer test,
visit www.radient-
pharma.com.
Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this document
include certain predictions and projections that may be
considered forward- looking statements under securities law.
These statements involve a number of important risks and
uncertainties that could cause actual results to differ
materially including, but not limited to, the performance of
joint venture partners, as well as other economic,
competitive and technological factors involving the
Company's operations, markets, services, products, and
prices. With respect to Radient Pharmaceuticals Corporation,
except for the historical information contained herein, the
matters discussed in this document are forward-looking
statements involving risks and uncertainties that could cause
actual results to differ materially from those in such
forward-looking statements.
SOURCE Radient Pharmaceuticals Corporation www.prnewswire.com
###
distribué par | Ce noodl a été diffusé par Radient Pharmaceuticals Corporation et initialement mise en ligne sur le site http://www.radient-pharma.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2011-11-29 18:49:21 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
RADIENT PHARMA Completes Restructurings With Institutional Investors To Limit Conversions And Stock Sales And Provide For Potential Additional Capital |