ProPhase Labs Provides Update on Convertible Debt Conversions, Capital Structure, and Underlying Asset Value
GlobeNewswire Inc.
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•By Prophase Labs, Inc.
ProPhase Labs reported that over $3.3 million of its $3.8 million convertible debt has been converted into equity, reducing liabilities and strengthening the balance sheet. The company attributes recent stock price volatility to technical factors including debt conversions, a reverse stock split, and transition to OTC markets rather than changes in underlying asset value. Management believes current market capitalization undervalues core assets including Crown Medical receivables recovery, BE-Smart Esophageal Cancer diagnostic test, and Nebula Genomics/DNA Complete.