This excerpt taken from the ISPH DEF 14A filed Oct 1, 2007.
FOR SHARES OF OUR COMMON STOCK
We are seeking approval of the exchange of shares of our Exchangeable Preferred Stock previously issued and sold to Warburg in the Preferred Stock Financing and the issuance of shares of our common stock upon the exchange. If Proposal No. 1 is approved at this meeting, each share of Exchangeable Preferred Stock will be automatically exchanged for 100 shares of common stock subject to adjustment, as more fully described below.