Oscient extends maturity date of $13 million 5% convertible promissory notes

By Devika Patel

Knoxville, Tenn., Jan. 29 - Oscient Pharmaceuticals Corp. said it has extended the maturity date of $13 million of 5% convertible promissory notes that were issued in a private placement.

The amended debt will mature on Dec. 1, extended from Feb. 6.

The amendment to the agreement, which was executed with the holders of about 99% of the notes, also reduces the conversion price to $1.10 per share and includes a provision for optional exchange into the company's 12.5% convertible guaranteed senior notes.

Oscient is a Waltham, Mass.-based pharmaceutical company.

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