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This article was originally published in The Gray Sheet

Executive Summary

Completes a $6.2 mil. equity funding via the issuance of 560,000 shares of series B preferred stock in exchange for $2 mil. in cash and the retirement of $4.2 mil. in convertible debentures. The Tampa, Florida-based manufacturer of specialty surgical products and provider of tissue processing services says the cash funds will be used for the completion of a new U.S. tissue processing facility. Each share of the series B preferred stock will entitle its holder "to receive 8.5% cumulative cash dividends, payable quarterly, and to convert into common stock at $1.10 per share" the company says. As a result of the financing, Biodynamics" series A convertible preferred shareholders will be able to convert their stock into common stock at $1.25 per share. The firm retains an option to redeem the series B stock after three years for 120% of its issue price

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