Spotlight Innovation, a pharmaceutical holding company that acquires rights to proprietary technologies, is restructuring debt through a conversion of promissory notes.
The company said the holders of a series of convertible promissory notes issued between December 2015 and March 2016, totaling $850,000, have agreed to convert the promissory notes into shares of common stock.
"This conversion is a positive step toward simplifying our balance sheet," Cristopher Grunewald, Spotlight Innovation's president and CEO, said in a statement. "Debt restructuring allows us to accelerate development of our product candidates, creating value for both current and future shareholders. Moving forward, we will continue to look for debt restructuring opportunities that further our development goals."
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