* ChemTrak Inc., of Sunnyvale, Calif., reported it will sell up to $7 million of convertible stock in a private placement. The convertible securities are expected to have a fixed dividend and will be convertible into common stock.

* Genzyme Corp., of Cambridge, Mass., said its shareholders and those of PharmaGenics Inc., of Allendale, N.J., approved the latter's takeover by Genzyme, which is using the acquisition to form a new company, called Genzyme Molecular Oncology. The takeover was valued at $28 million.

* Incyte Pharmaceuticals Inc., of Palo Alto, Calif., said it completed the initial phase in its sequencing of Candida albicans, a fungal pathogen that is the fourth leading cause of nosocomial infections, which are life-threatening in immunocompromised patients. The company said 60 percent of the genome has been sequenced.

* Interferon Sciences Inc., of New Brunswick, N.J., said its stock has begun trading on the NASDAQ National Market System under the symbol "IFSC."

* Techniclone Corp., of Tustin, Calif., reported results from preclinical studies showing the potential tumor-killing effects and tumor-targeting properties of fusion proteins for treatment of B-cell malignancies. The fusion proteins were generated from a monoclonal antibody linked to a cytokine. In vitro cell toxicity studies showed an approximate 10-fold increase in tumor-killing effect of the fusion proteins over the monoclonal antibody alone, while internal distribution and imaging studies indicated the fusion proteins specifically targeted the tumors. The company said the data suggest the fusion proteins have potential as a new treatment for B-cell cancers, such as multiple myeloma, lymphomas and leukemias.

* Vaxcel Inc., of Atlanta, reported stock held by former shareholders of Zynaxis Inc., of Malvern, Pa., is trading under the symbol "VXCL." On May 21, 1997, Vaxcel and Zynaxis completed their merger. The new company will have 11 million shares outstanding, with 87.5 percent owned by CytRx Corp., of Atlanta, and 12.5 percent held by former Zynaxis shareholders. Vaxcel is a subsidiary of CytRX.