January 14, 2010 (FinancialWire) — Implant Sciences Corp. (OTCBB: IMSC ), a supplier of systems and sensors for homeland security markets, said it has renegotiated its credit agreements with its senior secured investor, DMRJ Group LLC.

Implant Sciences said that DMRJ has agreed to increase Implant Sciences’ line of credit from $3 million to $5 million; extended the maturity of all of Implant Sciences’ indebtedness from December 10, 2009 to June 10, 2010.

Under the deal, DMRJ has also waived all existing defaults through the new maturity date; reduced the interest rate payable on Implant Sciences’ obligations to 15% per annum; and removed all profit sharing arrangements from the agreements.

In turn, Implant Sciences agreed to certain limitations on equity financings and agreed that it will not prepay more than $3.6 million of the $5.6 million of indebtedness owed to DMRJ under the amended and restated senior secured convertible promissory note dated as of March 12, 2009 without DMRJ’s prior consent.

Implant Sciences said its total indebtedness to DMRJ, including all principal and accrued interest, now stands at around $7.57 million.

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