Molecular imaging developer Positron is reporting that it has significantly reduced its debt levels.
The Fishers, IN, firm reported that it has effectively reduced its debt by more than $6 million, from approximately $7 million at the end of the first quarter, and expects to be nearly debt-free within the upcoming weeks.
The company reported that its efforts to reduce its debt load included a settlement with investors who had originally loaned Positron $1.3 million in May 2006, in the form of callable secured convertible notes. In settlement of the notes, plus interest, penalties and late fees, Positron paid the investors $1.0 million in cash and 8.5 million shares of common stock.
Positron said the debt reductions position the company for strategic acquisitions and organic growth in the coming year.
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