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8-K - Vyteris Holdings (Nevada), Inc. | v173452_8k.htm |
FOR
IMMEDIATE RELEASE
Contacts:
Joseph
Himy
Chief
Financial Officer
Vyteris,
Inc.
Tel:
(201) 703-2299
VYTERIS
ANNOUNCES PRIVATE PLACEMENT OF $1.06
MILLION
OF SENIOR SUBORDINATED CONVERTIBLE NOTES
Execution
of Financial Restructuring Continues with $4.0 Million
in Recent Financings and Elimination
of $25 Million in Debt to Date and
Redeemable Preferred
Stock
FAIR LAWN, NJ--(Marketwire - 02/08/10) -
Vyteris, Inc. (OTC.BB:VYTR - News), developer of
the first FDA-approved active transdermal drug delivery system and a leader in
active transdermal drug delivery technology, announced today the private
placement of $1,060,000 of Senior Subordinated Convertible Promissory Notes due
2013.
"This
financing is a vote of confidence from investors in our strategic plan," said
Haro Hartounian, Ph.D., president and chief executive officer of Vyteris. "Over
the past three months, our financial restructuring efforts have raised a total
of approximately $4.0 million in capital and eliminated approximately $25.0
million in debt and redeemable preferred stock. Vyteris is now well positioned
to take advantage of the many development, licensing and partnership
opportunities made available by our versatile transdermal drug delivery
platform."
Vyteris
intends to use the net proceeds of this private placement for research and
development, working capital and general corporate purposes. The notes bear no
interest and are convertible into common stock of Vyteris at an initial
conversion price of $0.20 per share. The sale of the notes also included
issuance to investors of five-year warrants exercisable for an aggregate of
5,300,000 shares of Vyteris common stock at $0.20 per share. The notes and
warrants were issued in a private placement to accredited investors pursuant to
exemptions under Regulation D and Section 4(2) of the Securities Act of 1933, as
amended, from the registration requirements of the Securities Act.
This news
release does not constitute an offer to sell or the solicitation of an offer to
buy securities and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful. The notes,
warrants and the common stock issuable upon conversion of the notes and exercise
of the warrants have not been registered under the Securities Act of 1933 or
applicable state securities laws and, unless so registered, may not be offered
or sold in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable state securities
laws.
About
Vyteris, Inc.
Vyteris,
Inc. is the maker of the first active, ready-to-use drug delivery patch
(LidoSite®)
to receive marketing clearance from the U.S. Food and Drug Administration (FDA).
Vyteris' proprietary active transdermal smart patch technology delivers drugs
comfortably through the skin using low-level electrical energy (iontophoresis).
This smart patch technology allows precise dosing, giving physicians and
patients control in the rate, dosage and pattern of drug delivery that may
result in considerable therapeutic, economical, and lifestyle advantages over
existing methods of drug administration. Vyteris recently announced success in
non-invasive delivery of a peptide using its system, where the company
demonstrated achievement of therapeutic levels of a peptide without using any
needles. For more information, please visit us at www.vyteris.com.
Vyteris
Forward-Looking Statements
This
press release includes "forward-looking statements" within the meaning of the
safe harbor provisions of the United States Private Securities Litigation Reform
Act of 1995. Words such as "expect," "estimate," "project," "anticipate,"
"intend," "plan," "may," "will," "could," "would," "should," "believes," and
similar expressions are intended to identify such forward-looking statements.
Forward-looking statements in this press release include, without limitation,
statements concerning the potential impact of the new marketing agreement and
other matters that involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements to differ
materially from results expressed or implied by this press release. Such risk
factors include, among others, the competitive environment and competitive
responses to the new marketing arrangement. The Company has described other
important risks and uncertainties under the caption "Risk Factors" in its most
recent Annual Report on Form 10-K and in various filings made with the SEC.
Actual results may differ materially from those contained in the forward-looking
statements in this press release.