NEW YORK, March 31 (GenomeWeb News) - Laurus Master Fund has converted into stock an additional $650,000 of a secured convertable term note, the company said in an SEC filing -- the second debt-to-equity conversion with the bank in one week.
The original note was issued in the principal amount of $2.8 million, and the debt-to-equity conversion equated to 1.25 million shares. The first conversion, announced on March 18, equated to $1.8 million of the outstanding debt, and 10 percent of the Transgenomic's market capitalization.
on a $7.5 million revolving credit facility. Mitchell Murphy, Transgenomic's interim-CFO, told GenomeWeb News that this amount translated into approximately 10 percent of the company's current market capitalization.