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Radient Pharmaceuticals Corporation Completes Restructurings with Institutional Investors to Limit Conversions and Stock Sales and Provide for Potential Additional Capital
Date:11/29/2011

TUSTIN, Calif., Nov. 29, 2011 /PRNewswire/ -- Radient Pharmaceuticals Corporation  (OTCQX:RXPC) (OTCPK:RXPC), developer and marketer of the Onko-Sure® In Vitro Diagnostic (IVD) cancer test, today announced it has completed restructurings with each of the company's 2011 Noteholders (who hold convertible notes and shares of Series A Convertible Preferred Stock) and Alpha Capital Anstalt ("Alpha") and Whalehaven Capital Fund Ltd. ("Whalehaven").  The restructurings allow the company to satisfy its obligations to each of the 2011 Noteholders and each of Alpha and Whalehaven over a lengthened time-frame. In addition to the extension of maturity of the notes and preferred stock, a key feature of these restructurings was that each of the 2011 Noteholders and each of Alpha and Whalehaven each separately agreed with us to limit their respective daily sales of our common stock.

A detailed description of the various agreements entered into in connection with the restructurings, together with the forms of agreements, are contained in a Current Report on Form 8-K filed by the Company with the SEC on November 29, 2011.

"Completing these restructurings was a necessary step forward for Radient. Extending the maturity of defaulted indebtedness and preferred stock and having each noteholder agree with us to limit its sales of our common stock is a significant achievement in the life of Radient and the product of extensive efforts and negotiations.  This alleviates an immediate financial burden on Radient and allows Radient to focus on gaining traction on its sales of Onko-Sure domestically and internationally," stated Radient Chairman and CEO, Mr. Douglas MacLellan.

"While our potential for revenue growth based upon our currently approved indications in various markets across the world remains significant, we are now positioned to make strategic investments in research and development supporting regulatory clearances for new
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SOURCE Radient Pharmaceuticals Corporation
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