Wednesday, January 4, 2012

VistaGen investor cancels $4M note, warrants for preferred shares

Stem cell drug development company VistaGen Therapeutics Inc. worked out a deal with a key investor to avoid a $4 million debt repayment due later this year.
South San Francisco-based VistaGen (NASDAQ: VSTA) said Platinum Long Term Growth VII LLC agreed to retire a $4 million convertible bridge note, payable June 30, and warrants to buy nearly 1.6 million shares of VistaGen common stock. In exchange, Platinum received 391,075 shares of newly created Series A preferred stock on Dec. 29.

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