ONCOR COMMENCES PUBLIC OFFERING
ONCOR COMMENCES PUBLIC OFFERING GAITHERSBURG, Md., Jan. 29 /PRNewswire/ -- Oncor, Inc.
(NASDAQ: ONCR) announced today that it has commenced a public offering of 3,000,000 shares of its common stock, at a price to the public of $10.50 per share. In addition, Oncor has granted to the underwriters for the offering an option to purchase up to 450,000 additional shares to cover over-allotments. All of the shares being offered are being offeredy? Oncor.
Smith Barney, Harris Upham & Co. Incorporated and Vector Securities International, Inc. are serving as representatives of the underwriting group that it offering the shares to the public. Proceeds from the sale of the shares by Oncor are expected to be used for product research and development, capital expenditures, sales and marketing and general corporate and working capital purposes. Concurrent with the public offering, Oncor's shares have been approved for quotation beginning today on the NASDAQ National Market System. Oncor also announced that, based on preliminary unaudited results of operations for the three months ended Dec. 31, 1991, the subject to completion of the audit of its financial statements as of and for the year ended Dec. 31, 1991, Oncor expects that revenues for the three month period will be approximately $868,000 as compared to $796,450 for the same period in 1990. The net loss for the fourth quarter of 1991 is expected to be approximately $1,840,000, as compared to $1,020,957 for the same period in 1990, primarily due to increases in operating expenses, including an increase of approximately $470,000 in research and development expenses and an increase of approximately $460,000 in selling, general and administrative expenses, partially offset by increased gross profit and an increase in other income. As a result, Oncor expects to report total 1991 revenues of approximately $4.5 million, a 45 percent increase over the $3.1 million reported for 1990, and a 1991 net loss of approximately $4.2 million, a 50 percent increase from the $2.8 million loss reported for 1990. Oncor develops, manufactures and markets DNA probe test systems and related products for use in the diagnosis, monitoring and management of cancer and other genetic diseases. -0- 1/29/92 /CONTACT: Stephen Turner, chairman and CEO of Oncor, 301-963-3500/ (ONCR) CO: Oncor Inc. ST: Maryland IN: MTC SU: OFR SM-TM -- NY019 -- 4620 01/29/92 10:01 EST
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|Date:||Jan 29, 1992|
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