BMP Sunstone Company (NSDQ: BJGP) announced its financial guidance for 2009, calling for a 36% increase in revenue to between $150 million and $160 million. Non-GAAP net income is predicted to rise 70% to a range of $10 million to $13 million. For 2008, BMP Sunstone expects revenues will be $110 million to $120 million and non-GAAP net will be between $6 million and $7 million.
At the same time, BMP Sunstone reported that it replaced $10.7 million in 10.0% Secured Promissory Notes due May 1, 2009 with an even higher rate two-year offering: 12.5% Secured Promissory Notes, due July 1, 2011. The principal amount remains the same.
The new offering is convertible into common shares after May 15, 2009 at a price equal to the lesser of $5.00 or 115% of the sale price per common share in a Qualified Offering. The Qualified Offering will be further described in a Form 8-K, which is still to be filed.