The underwriters of Oncor Inc.'s recently concluded financing,Smith Barney Shearson Inc. and Dillon, Read & Co. Inc., haveexercised their option to purchase an aggregate 450,000 sharesof the company's stock to cover overallotments from theoffering.
In the offering, 350,000 shares (NASDAQ:ONCR) were sold byOncor and an additional 100,000 were offered by certainselling shareholders.
Including the overallotment, Oncor of Gaithersburg, Md., willnet about $26 million from gross proceeds of $28 million,Oncor's chairman and chief executive officer, Stephen Turner,told BioWorld. The company now has 18.5 million fully dilutedshares outstanding, he said, with cash on hand ofapproximately $43 million. The company reported an operatingloss of $11 million for 1993.
Oncor also announced this week that it has filed a pre-marketing application (PMA) with FDA for its in vitro breastcancer diagnostic test, the HER-2/neu Genetic Test System. Thetest detects amplification of the HER-2/neu gene directly incancer cells, which the company said is predictive of aggressivedisease or early recurrence. The test will be marketed by Oncorin North America, Turner said, and the company plans todevelop marketing partnerships for overseas sales.
Oncor's stock closed at $7.88 a share on Friday, down 25 cents.-- Karl Thiel
(c) 1997 American Health Consultants. All rights reserved.