ENGLEWOOD CLIFFS, NJ, Dec 24, 2013 (Marketwired via COMTEX) -- BioZone Pharmaceuticals, Inc. , announced today that it has completed an enhancement of its balance sheet by eliminating remaining outstanding convertible notes. In the recent transaction, holders of convertible notes with approximately $2.5 million of principal and accrued interest exchanged their securities for shares of common stock. OPKO Health Inc. OPK, -0.33% a principal shareholder of BioZone Pharmaceuticals and one of the note holders that converted its notes, expressed the view through its Chairman and CEO, Dr. Phillip Frost, that it is optimistic that the planned acquisition of Cocrystal Discovery will enhance shareholder value and enhance BioZone's future prospects as a high growth biotech company.
In recent weeks, BioZone Pharmaceuticals concluded numerous corporate actions to improve its balance sheet, including but not limited to; raising $3.5 million of capital through the issuance of preferred stock followed by the exchange of that preferred stock for shares of common stock, repaying promissory notes, reducing outstanding convertible debt through repayment and conversions and repaying remaining outstanding trade liabilities. Management successfully negotiated the complete settlement of the two outstanding lawsuits for a combination of stock and cash and negotiated a settlement of a $2 million product recall liability with Matrixx Initiatives for $700,000. In addition, the Company repaid $1 million to MusclePharm Corporation of its original $2 million convertible note investment. MusclePharm converted the balance of its promissory note into common stock.
You hedgies, adjack, are comical always trying to cover your tracks. Hilarious how adsmith2036 quickly replies to jackegan99 1 hour and 31 minutes after my observation the two poster names coincide visually on the YMB. All you hedgies do is pump it up and later bash it down, or vice versa. Funny how info can help clarify posts.