By Sheri Kasprzak
New York, July 21 - Vyteris Holdings, Inc. said it has raised another $200,000 in secured promissory notes from Spencer Trask Specialty Group, LLC.
The notes bear interest at 11.5% annually and are due when Spencer Trask calls for payment of principal and interest.
Spencer Trask also received warrants for 2,500 shares, exercisable at $4.00 each. If the note is not repaid by Aug. 17, the warrants will be exercisable for 5,024 shares at $4.00 each. If the note is not repaid by Sept. 16, the warrants become exercisable for 22,347 shares at $3.58 each. The warrants expire on Sept. 16. 2009.
The $200,000 is an addition to $2.3 million in loans completed by the two companies on May 27, June 2, June 21 and July 13. Spencer Trask Private Equity Fund I, LP; Spencer Trask Private Equity Fund II, LP; Spencer Trask Private Equity Accredited Fund III, LLC and Spencer Trask Illumination Fund LLC also participated in the other four closings.
Based in Fair Lawn, N.J., Vyteris develops transdermal drug delivery systems.
| Issuer: | Vyteris Holdings, Inc.
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| Issue: | Secured promissory notes
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| Amount: | $200,000
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| Maturity: | Due upon request for payment
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| Coupon: | 11.5%
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| Price: | Par
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| Yield: | 11.5%
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| Warrants: | For 2,500 shares
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| Warrant expiration: | Sept. 16, 2009
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| Warrant strike price: | $4.00 (initial price)
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| Investor: | Spencer Trask Specialty Group, LLC
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| Settlement date: | July 18
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| Stock price: | $2.90 at close July 18
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