Matritech gets another deferral on payments of 15% convertibles

By Laura Lutz

Des Moines, Aug. 10 - Matritech, Inc. received another deferral on scheduled payments on series A and series B 15% secured convertible promissory notes issued in January 2006.

The scheduled payments will now be made on Aug. 13, pushed back from July 13.

The holders that agreed to defer those payments included David B. Musket, a director of Matritech, and ProMed Funds, with which Musket is affiliated.

The payments were previously deferred from July 13.

Matritech also received approval from holders of the notes for a new offering of up to $3.5 million of series C 15% secured promissory notes, according to an 8-K filing with the Securities and Exchange Commission.

The A notes were issued on Jan. 13, 2006, and the series B notes were issued on Jan. 22, 2007.

Based in Newton, Mass., Matritech develops diagnostic products to detect cancer.

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