Radient Pharmaceuticals Corporation (PINK: RXPC), a pharmaceutical company engaged in the research, development, manufacture, sale and marketing of diagnostic products, today announced has completed restructurings with institutional investors to limit conversions and stock sales.
The restructurings provide for additional capital and are a major achievement for the Tustin, California-based company. The completion of restructurings also lifted Radient Pharmaceuticals shares in today’s trading. At last check, RXPC shares were trading 32.56% higher at $0.0057, extending their gains in the last three trading sessions to over 65%.
Radient Pharmaceuticals, which is engaged in the manufacturing of Onko-Sure®, today said that it completed restructurings with each of its 2011 Noteholders, who hold convertible notes and shares of Series A Convertible Preferred stock, and Alpha Capital Anstalt and Wharehaven Capital Fund Ltd. The restructurings will allow the company to satisfy its obligations to the 2011 Noteholders, as well as Alpha and Whalehaven, over a lengthened time-frame.
Additionally, the Noteholders, along with Alpha and Whalehaven, also agreed to limit their respective daily sales of the RXPC common stock.
Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, believes that the restructuring was a necessary step forward for RXPC. MacLellan today said that extending the maturity of defaulted indebtedness and preferred stock and limiting the sale of common stock is a major achievement in the life of RXPC and the product of extensive efforts and negotiations. Mclellan also said that restructurings alleviate an immediate financial burden on RXPC and allows it to focus on gaining traction on its sales of Onko-Sure domestically and internationally.
With the immediate financial burden now gone, Radient will now have to focus on improving its financial results. Although RXPC has been quite optimistic about its Onko-Sure diagnostic test, the product has not yet delivered any significant results for the company.
Recently, RXPC reported third-quarter revenue of $102,238, down from $124,716 reported in the previous quarter. RXPC’s loss from operations for the September quarter was $1.80 million, compared with a loss from operations of $2.33 million reported for the same period in the previous year.
CEO MacLellan recently said that Radient Pharmaceuticals is continuing to work to significantly increase revenues, with outreach to healthcare professionals and negotiations for additional distribution agreements in key international markets.
The restructurings provide for additional capital and are a major achievement for the Tustin, California-based company. The completion of restructurings also lifted Radient Pharmaceuticals shares in today’s trading. At last check, RXPC shares were trading 32.56% higher at $0.0057, extending their gains in the last three trading sessions to over 65%.
Radient Pharmaceuticals, which is engaged in the manufacturing of Onko-Sure®, today said that it completed restructurings with each of its 2011 Noteholders, who hold convertible notes and shares of Series A Convertible Preferred stock, and Alpha Capital Anstalt and Wharehaven Capital Fund Ltd. The restructurings will allow the company to satisfy its obligations to the 2011 Noteholders, as well as Alpha and Whalehaven, over a lengthened time-frame.
Additionally, the Noteholders, along with Alpha and Whalehaven, also agreed to limit their respective daily sales of the RXPC common stock.
Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, believes that the restructuring was a necessary step forward for RXPC. MacLellan today said that extending the maturity of defaulted indebtedness and preferred stock and limiting the sale of common stock is a major achievement in the life of RXPC and the product of extensive efforts and negotiations. Mclellan also said that restructurings alleviate an immediate financial burden on RXPC and allows it to focus on gaining traction on its sales of Onko-Sure domestically and internationally.
With the immediate financial burden now gone, Radient will now have to focus on improving its financial results. Although RXPC has been quite optimistic about its Onko-Sure diagnostic test, the product has not yet delivered any significant results for the company.
Recently, RXPC reported third-quarter revenue of $102,238, down from $124,716 reported in the previous quarter. RXPC’s loss from operations for the September quarter was $1.80 million, compared with a loss from operations of $2.33 million reported for the same period in the previous year.
CEO MacLellan recently said that Radient Pharmaceuticals is continuing to work to significantly increase revenues, with outreach to healthcare professionals and negotiations for additional distribution agreements in key international markets.
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