ALLIANCE PHARMACEUTICAL CORP. REACHES AGREEMENT WITH LENDER COMMITTEE

Alliance Pharmaceutical Corp. 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.
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