TechniScan again amends senior secured convertible promissory notes

Company may now sell $3.5 million of notes without investor's consent

By Devika Patel

Knoxville, Tenn., Nov. 18 - TechniScan, Inc. amended its senior secured convertible promissory notes in two separate agreements on Nov. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The notes were previously amended on Sept. 28 and Sept. 30.

The most recent amendment increases the total amount of notes that the company may sell without the lead investor's consent to $3.5 million from $3 million. This amendment is effective as long as the company has not completed a qualified financing.

As of Nov. 12, the company has sold $2.75 million of notes.

Based in El Cajon, Calif., TechniScan is a medical device company, which is developing and commercializing an automated breast ultrasound imaging system.

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