North American Scientific Announces Bridge Loan Agreement
11 Diciembre 2007 - 3:00PM
Business Wire
North American Scientific, Inc. (Nasdaq:NASI) today announced that
on December 7, 2007, North American Scientific, Inc., a Delaware
corporation (the �Company�), entered into a Loan Agreement (the
�Three Arch Loan Agreement�) with Three Arch Capital, L.P., TAC
Associates, L.P., Three Arch Partners IV, L.P. and Three Arch
Associates IV, L.P. (the �Lenders�). The Lenders are, collectively,
the largest stockholder of the Company, and Dr. Wilfred Jaeger and
Roderick Young, two of our directors, are affiliates of the
Lenders. The transaction contemplated by the Three Arch Loan
Agreement was approved by a committee of the Company�s Board of
Directors consisting only of disinterested directors. Under the
Three Arch Loan Agreement, the Lenders loaned $1.0 million to the
Company and the Company issued notes to the Lender (the �Notes�).
The Notes bear interest at an annual rate equal to the prime rate
plus six percent (6%) and are subordinated to the Company�s
indebtedness to Silicon Valley Bank and Agility Capital LLC. The
Notes are due and payable on December 20, 2007, provided that if
prior to December 20, 2007, Silicon Valley Bank shall have extended
the maturity date under its Loan and Security Agreement with the
Company (the �SVB Loan Agreement�) until after December 20, 2007,
then the Notes shall be due and payable on the earliest of (i)
February 4, 2008, (ii) the close of the Company�s pending private
investment public equity financing transaction arranged by CIBC
World Markets, or (iii)�the maturity date under the SVB Loan
Agreement. In connection with the Loan Agreement, the Company has
agreed to pay an aggregate of $20,000 as a loan fee to the Lenders
and has granted the Lenders warrants to purchase, in the aggregate,
1,025,641 shares of the Company�s common stock at a purchase price
of $0.39 per share. About North American Scientific North American
Scientific is a leader in radiation therapy in the fight against
cancer. Its innovative products provide physicians with tools for
the treatment of various types of cancers. They include Prospera�
brachytherapy seeds and SurTRAK� needles and strands used primarily
in the treatment of prostate cancer. In addition, the Company has
been gaining clinical experience with its first generation
ClearPath� multi-channel catheter breast brachytherapy devices in
2007, and intends to launch the second generation devices in 2008.
They are the only such devices approved for both high dose and
continuous release, or low dose, radiation treatments. The devices
are designed to provide flexible, precise dose conformance and an
innovative delivery system that is intended to offer the more
advanced form of brachytherapy for the treatment of breast cancer.
Please visit www.nasmedical.com for more information. Statements
included in this release that are not historical facts may be
considered forward-looking statements that are subject to a variety
of risks and uncertainties. There are a number of important factors
that could cause actual results to differ materially from those
expressed in any forward-looking statements made by the Company
including, but not limited to, the impact of competitive products
and pricing, technological changes, changes in relationships with
strategic partners and dependence upon strategic partners for the
performance of critical activities under collaborative agreements,
the ability of the Company to successfully directly market and sell
its products, uncertainties relating to patent protection and
regulatory approval, the stable supply of appropriate isotopes,
research and development estimates, market opportunities, risks
associated with strategic opportunities or acquisitions the Company
may pursue and the risk factors included in the Company�s filings
with the Securities and Exchange Commission. Any forward-looking
statements contained in this news release speak only as of the date
of this release, and the Company undertakes no obligation to revise
or update any forward-looking statements, whether as a result of
new information, future results or otherwise.
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