Attached files
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| 8-K/A - RADIENT PHARMACEUTICALS Corp | v204691_8ka.htm |
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RPC
Contact:
Kristine
Szarkowitz
Director-Investor
Relations
kszarkowitz@radient-pharma.com
(Tel
:) 206.310.5323
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RADIENT
PHARMACEUTICALS COMPLETES ANNUAL SHAREHOLDER
MEETING AND ANNOUNCES VOTING RESULTS;
MEETING AND ANNOUNCES VOTING RESULTS;
VOTES
FOR SUCCESSFUL DEBT RECAPITALIZATION, POSITIONS
COMPANY FOR GROWTH
COMPANY FOR GROWTH
(TUSTIN,
CA) Dec.
6,
2010/Marketwire – Radient Pharmaceuticals Corporation (RPC) (NYSE
AMEX:RPC News) announced today shareholder voting results and the completion of
its Annual Meeting of Shareholders held Friday December 3, 2010.
Votes
received by the shareholders of RPC were in favor of the execution of a
financial stabilization plan through the approval of the following
initiatives:
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Issuance
of up to 25,311,388 shares of RPC common stock issuable upon the full
exchange andcancellation of the Company’s outstanding notes and
loans.
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Issuance
of 2% of outstanding shares of RPC common stock in exchange for cash
consulting fees due under the Company’s consulting agreement with Cantone
Asset Management LLC.
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Issuance
of up to 708,261 shares of RPC common stock issuable upon the full
exchange and cancellation of underlying the Bridge Loan and related
warrants conducted in September
2009.
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Issuance
of 1% of outstanding shares of RPC common stock in exchange for cash
consulting fees due under the Company’s placement agent of the Series 1
and Series 2 notes transaction completed in the first and second quarter
of FY2010.
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Future
rights for RPC management to issue additional shares of common stock upon
exercise of the Registered Direct Offering Warrants if and when required
pursuant to further implementation of the anti-dilution rights granted in
the warrants.
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Issuance
of up to 2,194,157 shares of RPC common stock issuable upon the conversion
of the principal and interest of certain notes and excise of warrants
issuable upon conversion for not holders extending the maturity date of
the September 2010 note.
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Issuance
of 85,648,836 shares of potentially issuable RPC common stock below the
greater of a share of RPC’s common stock book or market value at the time
of issuance issuable pursuant to the financings that RPC completed in the
first and second quarter of FY2010.
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Amend
RPC’s certificate of incorporation to increase the Company’s authorized
shares of capital stock.
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A
new 2010 stock option plan to incentivize management and employeesto drive
RPC’s IVD business to new heights in sales and profitability in FY2010
andbeyond.
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The only
initiative unapproved was the issuance of shares underlying the warrants issued
in the November 2009 Registered Direct Offering.
According
RPC Chairman and CEO Douglas MacLellan, “We thank all of our shareholders for
their support and greatly appreciate the valuable feedback and insights offered
to our executive management team and board of directors. Our
collective team remains deeply committed to building long-term value for all of
our shareholders, especially through the continued international
commercialization of our Onko-Sure® in vitro diagnostic cancer test and
monetization strategy and plan for our China-based subsidiary Jade
Pharmaceuticals Inc. Our goal remains on delivering life-saving IVD
oncology products to patients and healthcare providers worldwide in a manner
where we successfully drive sustainable and profitable growth for our
Company.”
About Radient
Pharmaceuticals:
Headquartered
in Tustin, California, Radient
Pharmaceuticals is dedicated to saving lives and money for patients and global
healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic
Onko-Sure®Test Kitsfor
colon-rectal cancer recurrence monitoring The company’s focus
is on the discovery, development and commercialization of unique high-value
diagnostic tests that help physicians answer important clinical questions
related to early disease-state detection, treatment strategy and the monitoring
of disease progression or recurrence. To learn more about our company, people
and potentially life-saving cancer test, visitwww.radient-pharma.com.
Forward Looking
Statements:
Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995: The
statements contained in this document include certain predictions and
projections that may be considered forward-looking statements under securities
law. These statements involve a number of important risks and uncertainties that
could cause actual results to differ materially including, but not limited to,
the performance of joint venture partners, as well as other economic,
competitive and technological factors involving the Company’s operations,
markets, services, products, and prices. With respect to Radient Pharmaceuticals
Corporation, except for the historical information contained herein, the matters
discussed in this document are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially from those in
such forward-looking statements.
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