SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 8, 1998
Oncor, Inc.
(Exact name of registrant as specified in charter)
Maryland 0-16177 52-1310084
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
209 Perry Parkway, Gaithersburg, Maryland 20877
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (301) 963-3500
N.A.
(Former name or former address, if changed since last report.)
Item 5. Other Events
See attached press release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Oncor, Inc.
(Registrant)
By: /s/ John L. Coker
Name: John L. Coker
Title: Chief Financial Officer
Dated: January 13, 1998
Press Release
_________________________________________________________________
For Further Information Contact: Oncor, Inc.
Stephen Turner, 209 Perry Parkway
Chief Executive Officer Gaithersburg, MD 20877
Cecil Kost, (301)963-3500
Chief Operating Officer Fax (301)926-6129
John Coker, E-mail: ir@oncor.com
Chief Financial Officer
_________________________________________________________________
FOR IMMEDIATE RELEASE
ONCOR COMPLETES EQUITY FINANCING
Gaithersburg, Maryland -- January 9, 1998 ... Oncor, Inc. (AMEX:
ONC), announced today that it has completed a $5 million equity
financing in a private placement of preferred stock. The
preferred stock is convertible into common stock of the Company
under certain circumstances, generally in a period beginning
after 90 days, at prices equal to the lower of (i) 100% (reducing
over time to 90%) of the average of the lowest closing bid price
of the common stock on any two of the most recent 22 trading days
preceding the date of conversion and (ii) $4.56. In addition,
the Company will be issuing warrants to purchase 125,000 shares
of common stock in connection with the transaction, with an
exercise price of $5.16 per share.
The investors and the Company each have rights to increase the
amount of the investment under certain circumstances. Oncor will
file a registration statement on Form S-3 with the Securities and
Exchange Commission in order to register the common stock
underlying the preferred stock and the warrants sold in the
transaction. Promethean Investment Group, L.L.C., a New
York-based fund management group, advised the investors in the
transaction.
The Company intends to use the net proceeds of this financing for
near-term working capital purposes, including funding the
marketing launch of its INFORM breast cancer prognostic test
recently approved by the U.S. Food and Drug Administration.
Oncor continues to work with its advisor -- Lehman Brothers -- in
an effort to effect one or more long-term strategic transactions
to increase shareholder value.
Oncor, Inc. (http://www.oncor.com) develops, manufactures and
markets gene-based test systems and related products for use in
the detection and management of cancer and other human disease.
This press release contains statements of a forward-looking
nature regarding future events. These statements are only
predictions and actual events may differ materially. Please
refer to documents that Oncor files from time to time with the
Securities and Exchange Commission for a discussion of certain
factors that could cause actual results to differ materially from
those contained in the forward-looking statements.
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