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Isolagen Receives Bridge Financing to Allow it to Seek Debtor-in-Possession Financing in Connection With a Possible Filing Under Chapter 11 of the United States Bankruptcy Code
Date:5/6/2009

Isolagen Common Stock to be halted from trading on the NYSE Amex

EXTON, Pa., May 6 /PRNewswire-FirstCall/ -- Isolagen(TM), Inc. (NYSE Amex: ILE) today announced that the Company has entered into secured promissory notes and security agreements (the "Notes") with eight lenders pursuant to which the Company borrowed an aggregate of $500,417.00 in principal amount. The Notes bear interest at a rate of 20% per annum with principal and interest on the Notes due on the earlier of June 20, 2009 or the date that the Company files for voluntary or involuntary bankruptcy.

If the Company receives debtor-in-possession financing in any bankruptcy proceeding, the holders of the Notes shall have the right to exchange the face amount of the Notes, plus any accrued but unpaid interest, into such debtor-in-possession financing on the same terms and conditions as the debtor-in-possession financing on a pari passu basis and on a dollar-for-dollar basis. To secure the repayment of the Notes, the Company granted the holders of the Notes a security interest in and a lien on the Company's 57% equity interest in Agera Laboratories, Inc.

Viriathus Capital LLC ("Viriathus") acted as the Company's financial advisor and placement agent with respect to the offering of the Notes. Viriathus is also assisting the Company in seeking potential debtor-in-possession financing in connection with the possible filing of a voluntary petition for reorganization relief under Chapter 11 of Title 11 of the United States Bankruptcy Code. If the Company is successful in obtaining commitments for such financing in sufficient amounts, it is likely that the Company will file such a petition. The Company currently has no legal commitments for such financing, and there is no assurance that such financing will be available to the Company on satisfactory terms,
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SOURCE Isolagen, Inc.
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