SAN DIEGO--(BUSINESS WIRE)--Nanogen, Inc. (Nasdaq:NGEN) announced today that it has entered into agreements with the holders of its 6.25% Senior Convertible Notes due 2010 issued on August 27, 2007 to restructure the indebtedness. In the restructuring, the holders of 6.25% Senior Convertible Notes will exchange an aggregate $ 12.9 million in principal amount of the Old Notes with the Company’s 9.75% Senior Secured Convertible Notes due 2010 with an aggregate principal amount of $15.5 million. The 9.75% Senior Convertible Notes are convertible initially into an aggregate of approximately 22,784,000 shares of common stock of the Company (the “Common Stock”) at an initial conversion price of $0.6803 per share. The terms of the 9.75% Senior Convertible Notes provide for the mandatory payment of the principal in specified periodic installments as well upon certain asset disposition and financing transactions.
