Radient Pharmaceuticals Addresses Default of FY2010 Notes

Radient Pharmaceuticals Corporation

today announced it has filed an 8K with the Securities and Exchange Commission reporting it received an event of default notice from two of the note holders of private financings RPC completed between March 22, 2010 and April 26, 2010 pursuant to which such holders' notes shall become immediately due and payable. RPC is currently negotiating a settlement with the two note holders who allege they are owed approximately $1,306,619 for their portion of the notes including principal, accrued interest and penalties. These two note holders submitted default notices to RPC demanding payment of the note in full by June 1, 2011, but due to the current negotiation settlement discussions the parties are not requiring such payment today. As of today's date, RPC has not yet completed a settlement with these note holders and RPC is not aware that any legal action has been instituted regarding this default. RPC was required under the terms of the 2010 Debt Financing to obtain stockholder approval for the shares underlying the securities issued pursuant to the 2010 Debt Financing by a certain date; failure to do so constitutes an Event of Default under the terms of the notes issued pursuant to the 2010 Debt Financing. Due to the Securities and Exchange Commission's review of the related proxy statement and periodic reports that RPC was required to submit to its shareholders with such proxy statement, the Company was unable to hold a meeting and obtain the required shareholder approval until after such required date. Such failure led the two note holders to submit the notice of default discussed herein.