Health & Fitness
Health and Fitness
Health and Fitness
Wed, February 4, 2009 Xenomics, Inc. Restructures and Extends Maturity of Convertible Debentures
MONMOUTH JUNCTION, N.J.--([ BUSINESS WIRE ])--Xenomics, Inc. (Pink Sheets: XNOM), a developer of non-invasive next-generation molecular diagnostics, announced today the re-structuring of its 6% Convertible Debentures (the "Debentures") issued in November 2006.
As previously discussed in Company filings with the U.S. Securities and Exchange Commission, the Company has been seeking to restructure the debt owed to holders of the Debentures, amounting to $2,170,500 in principal originally due in November 2008, plus interest and penalties, following various events of default and covenant breaches.
Effective January 30, 2009, the Company entered into a Forbearance Agreement with its Debenture holders which provides for a waiver of existing defaults and an extension of the Debenture's maturity date to December 31, 2010. The Company agreed to pay all accrued interest and potential default penalties and late fees in shares of common stock of the Company, aggregating 5,337,474 shares, and to increase the interest rate on the Debentures from 6% to 11%, which will also be payable in common stock. In addition, the Company agreed to add to its Board of Directors two new qualified board members to be proposed by certain holders of a majority of the Debentures.
Full details of the Forbearance Agreement can be found in the Company's report on Form 8-K filed with the SEC on February 4, 2009.
The Company looks forward to proceeding with development of its molecular diagnostic technology and working toward becoming current with its SEC filings. Despite a very challenging economic environment, the Company strongly believes that there is a need for its products and that the molecular diagnostic sector will continue to grow rapidly.
About Xenomics:
Xenomics is a molecular diagnostics company developing tests based on Transrenal nucleic acids (Tr-DNA and Tr-RNA including miRNA) and safe, simple urine collection techniques. The Company believes its proprietary technology has a broad range of detection / monitoring / screening applications, including prenatal conditions, infectious diseases, tissue transplantation, neurodegenerative disorders, various tumors, and can open significant new markets in the molecular diagnostics field. Currently, Xenomics is focusing on implementation of its urinary DNA-based test for high-risk Human Papilloma Virus (HPV) and development of other tests based on Tr-DNA and Tr-miRNA. Xenomics has a strong and broad IP portfolio of issued and pending patents covering different applications of the technology for molecular diagnostics. More information is available on the Company's website, [ www.xenomics.com ].
Forward-Looking Statements:
Statements about the Company's expectations, its ability to continue with development of its products and become current with its SEC filings, applications of its technology, markets, and other statements that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management's current beliefs, assumptions, estimates and projections. Actual results may differ materially from those projected in the forward-looking statements for various reasons, including risks associated with product development, government regulation, market acceptance, dependence on key personnel, obtaining financing and other factors discussed in the Company's periodic reports filed with the Forward-Looking Statements
