Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Nanogen Enters Into Agreement to Restructure Its Senior Convertible Notes

Abstract:
Nanogen, Inc. (Nasdaq:NGEN) announced today that it has entered into agreements with the holders of its 6.25% Senior Convertible Notes due 2010 issued on August 27, 2007 to restructure the indebtedness. In the restructuring, the holders of 6.25% Senior Convertible Notes will exchange an aggregate $ 12.9 million in principal amount of the Old Notes with the Company's 9.75% Senior Secured Convertible Notes due 2010 with an aggregate principal amount of $15.5 million. The 9.75% Senior Convertible Notes are convertible initially into an aggregate of approximately 22,784,000 shares of common stock of the Company (the "Common Stock") at an initial conversion price of $0.6803 per share. The terms of the 9.75% Senior Convertible Notes provide for the mandatory payment of the principal in specified periodic installments as well upon certain asset disposition and financing transactions.

Nanogen Enters Into Agreement to Restructure Its Senior Convertible Notes

San Diego, CA | Posted on March 14th, 2008

The balance of the 6.25% Senior Convertible Notes will remain outstanding, secured by a $7.0 million letter of credit. In connection with the restructuring, Nanogen will grant a collateral agent on behalf of the holders of the 9.75% Senior Convertible Notes a security interest in substantially all of the assets of Nanogen. Upon closing of the restructuring, the conversion price of the remaining 6.25% Senior Convertible Notes and the exercise prices of certain warrants issued in the August 2007 debt financing will be adjusted to an amount equal to $ 0.6803.

As part of the debt restructuring, the holders of its 6.25% Senior Convertible Notes consented to potential sale of certain royalties, such consent being effective upon the consummation of the debt restructuring.

####

About Nanogen, Inc.
Nanogen (Nasdaq:NGEN) has a strong product and proprietary technology base of diagnostic solutions for two of the fastest growing in vitro diagnostic (IVD) markets—molecular diagnostics and rapid point-of-care testing. The company provides their innovative, high-quality diagnostic products to clinicians and physicians worldwide, making it easier to predict and diagnose diseases, ultimately improving patient care. Products include molecular diagnostic kits and reagents, and kits for rapid, point-of-care testing. Nanogen has pioneered research in areas involving biomedical markers, molecular biology and nanotechnology to bring better results to diagnostics and healthcare.

For more information, please click here

Contacts:
Nanogen, Inc.
Nick Venuto, Chief Financial Officer
858-410-4600
Kelly Gann, Marketing Communications
858-410-4667

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Silicene Labs Announces the Launch of Patent-Pending, 2D Materials Composite Index™ : The Initial 2D Materials Composite Index™ for Q2 2014 Is: 857.3; Founders Include World-Renowned Physicist and Seasoned Business and IP Professionals July 24th, 2014

Iranian Scientists Produce Transparent Nanocomposite Coatings with Longer Lifetime July 24th, 2014

Deadline Announced for Registration in 7th Int'l Nanotechnology Festival in Iran July 23rd, 2014

A Crystal Wedding in the Nanocosmos July 23rd, 2014

Nano-sized Chip "Sniffs Out" Explosives Far Better than Trained Dogs: TAU researcher's groundbreaking sensor detects miniscule concentrations of hazardous materials in the air July 23rd, 2014

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 July 23rd, 2014

Investments/IPO's/Splits

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 July 23rd, 2014

Nanometrics Announces Upcoming Investor Events July 22nd, 2014

Harris & Harris Group Invests in UberSeq, Inc. July 16th, 2014

Harris & Harris Group Portfolio Company D-Wave Systems Closes a $28.4 Million Financing July 14th, 2014

Nanomedicine

Researchers create vaccine for dust-mite allergies Main Page Content: Vaccine reduced lung inflammation to allergens in lab and animal tests July 22nd, 2014

NIST shows ultrasonically propelled nanorods spin dizzyingly fast July 22nd, 2014

SentiMag® Now Available in Australia and New Zealand July 21st, 2014

More than glitter: Scientists explain how gold nanoparticles easily penetrate cells, making them useful for delivering drugs July 21st, 2014

Announcements

Silicene Labs Announces the Launch of Patent-Pending, 2D Materials Composite Index™ : The Initial 2D Materials Composite Index™ for Q2 2014 Is: 857.3; Founders Include World-Renowned Physicist and Seasoned Business and IP Professionals July 24th, 2014

Iranian Scientists Produce Transparent Nanocomposite Coatings with Longer Lifetime July 24th, 2014

Deadline Announced for Registration in 7th Int'l Nanotechnology Festival in Iran July 23rd, 2014

A Crystal Wedding in the Nanocosmos July 23rd, 2014

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE