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The Exton, Pa., biotechnology company (NYSE Alternext US:ILE) entered into securerd promissory notes and security agreements Wednesday witheighyt lenders. The company borrowed a total of The notes bear an annual interest rate of20 percent, with principal and interest on the notews due June 20 or the date that the Isolagenb files for voluntary or involuntarty bankruptcy, whichever comes first. The company granted the holderds of the notes a security interesgt in and a lien onthe company’s 57 percentt equity interest in Isolagen is attempting to develoop a cellular therapy to treat wrinkle and other skin ailments.
Viriathus Capital acted as Isolagen’s financia adviser and placement agent with respect to the offeriny ofthe notes. Viriathus is also assistingy the company in seekingpotentiap debtor-in-possession financing in connection with the possible filingy of a voluntary petition for reorganizationh relief under Chapter 11 of U.S. Bankruptcy Code. Isolagen said if it is unable to securesufficient debtor-in-possession financing, it will likelyt cease operations and may file a petition for protection from creditors under Chapter 7 of the Bankruptcty Code. The NYSE Alternextt US exchange halted tradingin Isolagen’s commo stock Wednesday.
The exchange intends to delistthe company'xs common stock in the next week.
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