TechniScan defaults on its senior secured convertible promissory notes

Company owes $2.72 million of principal, $301,401 in interest on notes

By Devika Patel

Knoxville, Tenn., April 28 - TechniScan, Inc. defaulted on its senior secured convertible promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company was obligated to repay the $2.72 million of principal, along with $301,401 in unpaid interest by April 22, but reported in the 8-K that it was unable to do so.

The notes accrue interest at 24% from the default date until they are repaid. Investors may convert the amounts owed into stock.

As of April 28, the company said, it has not received a default declaration from any investors and it is seeking an extension to the payment deadline.

Based in El Cajon, Calif., TechniScan is a medical device company, which is developing and commercializing an automated breast ultrasound imaging system.

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