Item 8.01 Other Events
As previously reported on January 15, 2009 on SEC Form 8-K, as of January 15, 2009 the Company had a debt liability of $90,000,000 related to its 3.5% Convertible Subordinated Notes (the "3.5% Subordinated Notes"), which could be called due, at the option of the note holders, as early as November 2009. At the option of the note holders, the 3.5% Subordinated Notes may be converted into Isolagen common stock at a rate of 109.2001 shares of Isolagen common stock for each $1,000 principal amount of the Notes, which is equivalent to a conversion price of approximately $9.16 per common share.
On February 2, 2009, a note holder converted $344,000 of the 3.5% Subordinated Notes into 37,564 common shares of the Company.
Accordingly, as of February 2, 2009, the Company has a remaining debt liability of $89,656,000 related to its 3.5% Subordinated Notes, which could be called due, at the option of the note holders, as early as November 2009. Interest on the notes is due semiannually on May 1 and November 1. Please refer to the Company's SEC Form 10-K for the year ended December 31, 2007 for further information with respect to the 3.5% Subordinated Notes. Please refer to the Company's Current Report on Form 8-K filed January 15, 2009 for additional information concerning the Company's current financial condition and operating plan.