Oncor
This article was originally published in The Gray Sheet
Executive Summary
Gene-based cancer test firm will receive a $4 mil. cash infusion through an agreement to sell its Research Products Division to Intergen and an expanded bank line of credit. The Intergen deal, aggregating $3.2 mil. and anticipated to close on June 29, would include $3 mil. in cash at closing with the remainder to be paid through installments over the next two years. Separately, the Gaithersburg, Maryland company's existing bank line of credit has been increased by $1 mil. with the support of certain directors and a "major shareholder of the company," Oncor states. The Research Products Division had sales to non-affiliates of about $3 mil. in 1997. Oncor estimates the transactions will provide sufficient funds to support operations "at least through the end of the third quarter." Oncor disclosed in March plans to divest all non-oncology ventures in an effort to refocus the company and has been seeking additional funds for its North American operations ("The Gray Sheet" May 11, p. 24)...