By Sheri Kasprzak
New York, Jan. 23 - Matritech Inc. wrapped a private placement of series B secured convertible promissory notes for $4.36 million.
The 15% notes are due Dec. 13, 2007 and are convertible into 6,928,572 common shares at $0.63 each.
The investors included SDS Capital Group SPC Ltd., H&Q Life Sciences Investors and ProMed funds.
The investors received warrants for 4,157,143 shares, exercisable at $0.63 each for five years.
Proceeds will be used for research and development, sales and marketing and working capital and general corporate purposes.
Based in Newton, Mass., Matritech develops protein-based diagnostic products to diagnose cancer.
Issuer: | Matritech Inc.
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Issue: | Series B secured convertible promissory notes
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Amount: | $4.36 million
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Maturity: | Dec. 13, 2007
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Coupon: | 15%
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Price: | Par
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Yield: | 15%
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Conversion price: | $0.63
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Conversion ratio: | Into 6,928,572 shares
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Warrants: | For 4,157,143 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.63
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Investors: | SDS Capital Group SPC Ltd., H&Q Life Sciences Investors, ProMed funds
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Settlement date: | Jan. 16
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Stock symbol: | Amex: MZT
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Stock price: | $0.70 at close Jan. 16
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