Inverness sweetens conversion price of 3% convertibles due 2016 to $43.98

By Devika Patel

Knoxville, Tenn., May 15 - Inverness Medical Innovations, Inc. announced in an 8-K filed Thursday with the Securities and Exchange Commission that on May 9 it lowered the conversion price of its $150 million of outstanding 3% convertible senior subordinated notes due 2016 to $43.98 from $52.30.

At the adjusted conversion price, the notes are convertible into 3,410,641 common shares.

The change was the result of the company's common stock having a 30-day volume-weighted average trading price lower than $40.23 as of May 9.

Inverness Medical is a Waltham, Mass.-based developer of medical diagnostic devices.

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