SAN DIEGO, March 23 /PRNewswire-FirstCall/ -- Alliance Pharmaceutical
Corp. (OTC Bulletin Board: ALLP) announced today that it has reached an
agreement with its Lender Committee with respect to the extension of the
maturity date and restructuring of the outstanding Senior Convertible
Promissory Notes in the aggregate outstanding principal amount of $10,476,250
(the "Senior Notes"). This agreement must be approved by each and every
holder of a Senior Note before it becomes effective. If all of the holders of
the Senior Notes do not approve the agreement reached with the Lender
Committee, then the Senior Notes will become due and payable as of March 24,
2006.
Alliance intends to solicit the approval of the holders of the Senior
Notes to this agreement prior to April 15, 2006.
About Alliance Pharmaceutical Corp.
Alliance Pharmaceutical Corp., founded in 1989, is a development-stage
pharmaceutical company that is currently focused on developing its lead
product, Oxygent. Alliance is currently the only company that has advanced a
synthetic perfluorochemical (PFC) emulsion-based oxygen therapeutic into late-
stage multi-center international clinical trials in both Europe and North
America. Alliance is developing Oxygent as an intravascular oxygen
therapeutic, based on its proprietary PFC technology.
Except for historical information, the matters set forth in this release
are forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from those set forth
herein, including the uncertainties related to the approval of the tentative
agreement reached with the Lender Committee by each and every holder of a
Senior Note. Alliance refers you to cautionary information contained in
documents Alliance files with the Securities and Exchange Commission from time
to time, including the last Form 10-KSB and Form 10-QSB, and those risk
factors set forth in the most recent registration statement on Form SB-2 (File
No. 333-119428). Alliance is under no obligation (and expressly disclaims any
obligation) to update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
SOURCE Alliance Pharmaceutical Corp.
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Related links:
http://www.allp.com
CONTACT:
Corporate Communications, Alliance
Pharmaceutical Corp., +1-858-410-5275
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