Medical Therapies amends convertible notes due to inability to repay principal

By Devika Patel

Knoxville, Tenn., Feb. 18 - Medical Therapies Ltd. said it amended its $1.1 million of convertible notes that were due to mature Dec. 31, 2008.

The company said that due to the current stock price, it believed holders would opt not to convert the securities prior to maturity. Despite its efforts, the company was unable to raise the funds it needed to pay back the notes.

Instead, it reached an agreement with investors under which the company will issue 2.55 ordinary shares and pay each investor A$0.068 in cash for each convertible note. The shares and cash will be issued by Feb. 25 in lieu of both principal and interest earned under the notes.

Medical Therapies is a pharmaceutical company based in North Ryde, Australia.

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