Medical Discoveries, Inc.

Biopharmaceutical research company eliminates $540K of secured debt

Published in Physician Law Weekly, September 29th, 2004

The management team at Medical Discoveries, Inc., (MLSC) announced that as a result of several negotiated transactions, the company was able to eliminate approximately $540,000 of secured debt from its balance sheet.

The transactions converted secured promissory notes to common stock, in the original principal amounts of $387,500 plus accrued interest.

"We are pleased with our progress at carrying out our 2004 goal of reducing the liabilities on the balance sheet," said president and chief executive officer Judy M. Robinett.

"We are continuing to reduce our leverage, streamline our capital structure and advance our proprietary...

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Source: Physician Law Weekly (2004-09-29)

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