April 26, 2010 (FinancialWire) — GeoPharma, Inc. (NASDAQ: GORX) said that since December 31, 2009, it has reduced its 12% convertible debt owed to Whitebox Pharmaceutical Growth Fund by approximately $1.7 million gross, or approximately $1.3 million net after the effect of the current quarterly principal accretion of interest.

As of December 31, 2009, the company owed Whitebox approximately $15.9 million and since that time, Whitebox has elected through common stock conversions, to convert $1.7 million of principal outstanding in exchange for the company's $0.01 par value common stock. Whitebox has made several written conversion requests since December 31, 2009 in increments ranging from $100,000 – $250,000 as applied directly to the debt's outstanding principal and as such, the company has issued an approximate 5,160,000 common shares cumulatively since December 31, 2009 or 19.3% of the 26,695,735 total shares currently outstanding.

The company's executive management agreed effective January 1, 2009 to receive common stock in lieu of certain portions of their cash-based salaried compensation. In addition, the company's board of directors also agreed to accept common stock in lieu of all of their cash-based compensation. All of this compensation was also included within accrued current liabilities as of December 31, 2009.

GeoPharma, Inc. is a bio/pharma company with a diversified business model participating in pharmaceuticals, contract manufacturing, and medical devices.

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