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Affy Says It Will Clear Up Convertible Note Default When It Files Delayed Earnings Report Next Month

NEW YORK (GenomeWeb News) – Affymetrix said yesterday it will avoid having to pay certain convertible note holders earlier than expected once it files its delayed second-quarter earnings report with the Securities and Exchange Commission next month.
Affy yesterday said that on Aug. 17 it received a notice from certain investors saying it had defaulted on the terms of its $120 million convertible note program because it had delayed filing its financial statements with the SEC for the three months ended June 30.
Affy said terms of its contract with investors give it 60 days to fix the default. Affy’s failure to do so could "accelerate the maturity of the notes, causing the outstanding principal amount plus accrued interest to be immediately due and payable" to trustees or holders of at least 25 percent of the principal amount.
The company said it expects to file its restated financial statements by Sept. 30, which it said would clear up the default.

The Scan

Guidelines for Ancient DNA Work

More than two dozen researchers have developed new ethical guidelines for conducting ancient DNA research, which they present in Nature.

And Cleared

A UK regulator has cleared former UK Prime Minister David Cameron in concerns he should have registered as a consultant-lobbyist for his work with Illumina, according to the Financial Times.

Suit Over Allegations

The Boston Globe reports that David Sabatini, who was placed on leave from MIT after allegations of sexual harassment, is suing his accuser, the Whitehead Institute, and the institute's director.

Nature Papers on Esophageal Cancer, Origin of Modern Horses, Exome Sequencing of UK Biobank Participants

In Nature this week: genetic and environmental influences of esophageal cancer, domestic horse origin traced to Western Eurasian steppes, and more.