Item 1.01. Amendment to a Material Definitive Agreement

On October 30, 2009, the Company, as part of its strategy to restructure its balance sheet, entered into an Amendment and Waiver ("Amendment") to Registration Rights Agreement (the "Registration Rights Agreement") dated September 29, 2004 among Vyteris, Inc. (fka Treasure Mountain Holdings, Inc.), Spencer Trask Ventures, Inc., Rodman & Renshaw, LLC, and various shareholders. Pursuant to Section 6(f) of the Registration Rights Agreement, the terms of the Agreement, including Section 2(b) thereof, may be amended by the holders of a majority in interest of the holders of Registerable Securities under the Registration Rights Agreement.

The Amendment requires the Company to compensate investors for registration rights penalties and interest incurred of approximately $2.6 million under
Section 2(b) of the Agreement. The Company will issue up to 1,250,000 restricted shares of its common stock and warrants to purchase up to 1,250,000 restricted shares of its common stock at an exercise price of $0.75 per share with a term of up to three years in order to settle the approximately $2.6 million of accrued liquidated damages.

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