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Nanogen Enters Into Exchange Agreement with Note Holders

NEW YORK (GenomeWeb News) – Nanogen has entered into an amendment and exchange agreement with holders of its senior convertible notes that were issued last August, the firm reported today in a filing with the US Securities and Exchange Commission.
The firm said that holders of its 6.25 percent senior convertible notes due 2010, which were issued Aug. 27, 2007, will exchange an aggregate $12.9 million in principal amount of those notes with the company’s 9.75 percent senior convertible notes due 2010 with an aggregate principal amount of $15.5 million. The notes are convertible into an aggregate of nearly 22.8 million shares of Nanogen’s common stock at an initial conversion price of $.6803 per share.
Nanogen’s shares were trading at $.52 early Friday afternoon on the Nasdaq, unchanged from its opening price.
The San Diego-based firm expects to close the exchange offer on March 20.

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