Isolagen makes convertibles interest payment within grace period but needs more cash

By Caroline Salls

Pittsburgh, Dec. 3 - Isolagen, Inc. said it made the $1.6 million interest payment due Nov. 3 on its $90 million of convertible subordinated notes within the 30-day payment grace period, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

As a result of the payment, the company said it is not in default on the notes.

However, the company reported in its 10-Q filed in November for the quarter ended Sept. 30 that it expects to require additional cash resources to fund its normal operations beyond Jan. 15.

If it cannot obtain this additional funding before Jan. 15, Isolagen said in the 10-Q that it could be forced to file for bankruptcy and possibly cease operations.

Isolagen is based in Exton, Pa., and specializes in autologous cellular therapies for soft and hard tissue regeneration.

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