LARGO, Fla., April 21, 2010 (GLOBE NEWSWIRE) -- GeoPharma, Inc. (Nasdaq:GORX) (the “Company”) announced today that since December 31, 2009, it has reduced its 12% convertible debt (the “Debt”) owed to Whitebox Pharmaceutical Growth Fund (“Whitebox”) by approximately $1.7 million gross, or approximately $1.3 million net after the effect of the current quarterly principal accretion of interest. As of December 31, 2009, the Company owed Whitebox approximately $15.9 million and since that time, Whitebox has elected through common stock conversions, to convert $1.7 million of principal outstanding in exchange for the Company’s $0.01 par value common stock. Whitebox has made several written conversion requests since December 31, 2009 in increments ranging from $100,000 - $250,000 as applied directly to the Debt’s outstanding principal and as such, the Company has issued an approximate 5,160,000 common shares cumulatively since December 31, 2009 or 19.3% of the 26,695,735 total shares currently outstanding.
