One-year promissory note is convertible into company common stock
By Devika Patel
Knoxville, Tenn., Oct. 28 – Pathfinder Cell Therapy, Inc. borrowed $35,000 on Oct. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 6% loan is represented by a promissory note, which is due in one year and may be converted into common shares.
The company said that since February 2012, it has borrowed $4.6 million from investors on the same terms. That figure includes the $35,000 promissory note sold on Oct. 24.
The Cambridge, Mass.-based biotechnology company is developing a cell-based therapy for the treatment of diabetes, renal diseases, myocardial infarction and other diseases characterized by organ-specific cell damage.
| Issuer: | Pathfinder Cell Therapy, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $35,000
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| Maturity: | One year
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| Coupon: | 6%
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| Warrants: | No
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| Settlement date: | Oct. 24
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| Stock symbol: | OTCBB: PFND
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| Market capitalization: | $1.33 million
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