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Exhibit 99.1
(BW) (CHEMTRAK) (CMTR) ChemTrak planning private placement of equity
Business Editors and Health/Medical Writers
SUNNYVALE, Calif.--(BW Healthwire)--June 16, 1997--ChemTrak Inc.
(NASDAQ:CMTR) announced today that it plans to sell up to $7.0 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 on a formula based on a percentage of the
trailing average closing prices of stock on the Nasdaq National Market. ChemTrak
will use the net proceeds for general corporate purposes, advertising and
promotion as well as research and development.
ChemTrak is a full-service personal medical diagnostics company that
develops and manufactures reliable and easy-to-use medical testing systems.
ChemTrak medical test kits are designed to screen and diagnose health conditions
with accuracy comparable to physicians' office and laboratory instrumented
tests.
Except for the historical information contained herein, this news
release contains forward-looking statements that involve risks and
uncertainties.
Actual results might differ materially from these statements due to
risks and uncertainties, including determinations by the FDA, the impact of
competitive products and pricing, the timely development and acceptance of new
products, medical market conditions and other factors discussed in the Company's
1996 Form 10-K.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any securities. The convertible preferred stock will not be offered
or sold absent registration or an applicable exemption from registration.
CONTACT: Neale-May & partners
Dick Claeys, 415/328-5555 ext. 125
dclaeys@nealemay.com
OR
ChemTrak
Donald V. Fluken, 408/773-8156
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