Ann: Alexium Extends and Increases Convertible Note, page-4

"Losses last year where $3m"

from memory the company wrote down its fire retardant IP by about $1M , so it is a book loss , but not an underlying loss , take out the 1M in the losses would be closer to a $2M underlying loss.

Personally I do not see any negatives with todays announcement , if your intonation for it being a negative is that Colinton could end up with a bigger slice of the company , then that really is just how a C note works , and AJX in this case has the option to prevent that happening if it gets cashflow positive and can pay down the loan .

Yes AJX as a dog is on its last legs , however the probable cash infusion does give it respite from life support being pulled . THe terms of the debt are neither toxic or onerous , it would seem Colinton believe AJX has a future in its own right .