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.
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.
Related News Press |
News and information
New organic molecule shatters phosphorescence efficiency records and paves way for rare metal-free applications July 5th, 2024
Single atoms show their true color July 5th, 2024
New method cracked for high-capacity, secure quantum communication July 5th, 2024
Searching for dark matter with the coldest quantum detectors in the world July 5th, 2024
VC/Funding/Angel financing/Loans/Leases/Crowdfunding
Graphene Flagship start-up Bedimensional closes a second €10 million investment round February 10th, 2023
180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021
Investments/IPO's/Splits
Daikin Industries becomes OCSiAl shareholder July 27th, 2021
INBRAIN Neuroelectronics raises over €14M to develop smart graphene-based neural implants for personalised therapies in brain disorders March 26th, 2021
180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021
Nanomedicine
The mechanism of a novel circular RNA circZFR that promotes colorectal cancer progression July 5th, 2024
Diamond glitter: A play of colors with artificial DNA crystals May 17th, 2024
Advances in priming B cell immunity against HIV pave the way to future HIV vaccines, shows quartet of new studies May 17th, 2024
Announcements
New organic molecule shatters phosphorescence efficiency records and paves way for rare metal-free applications July 5th, 2024
Single atoms show their true color July 5th, 2024
New method cracked for high-capacity, secure quantum communication July 5th, 2024
Searching for dark matter with the coldest quantum detectors in the world July 5th, 2024
![]() |
||
![]() |
||
The latest news from around the world, FREE | ||
![]() |
![]() |
||
Premium Products | ||
![]() |
||
Only the news you want to read!
Learn More |
||
![]() |
||
Full-service, expert consulting
Learn More |
||
![]() |