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QUIDEL AND AMOCO CONVERT QUIDEL DEBT TO EQUITY

 SAN DIEGO, July 14 /PRNewswire/ -- QUIDEL Corp. (NASDAQ: QDEL), a leading developer and marketer of rapid diagnostic tests, in an announcement today said one of its debt holders, Amoco Technology Co., has converted outstanding debt into 428,532 shares of QUIDEL common stock at a conversion price of $7.14 per share.
 The debt being converted consists of a 7.9 percent convertible note in the principal amount of $2,400,000 originally issued in 1990, plus $658,839 of accrued interest. The debt would have become convertible at the option of QUIDEL in August of this year at the same conversion price.
 Two weeks ago the company announced that $4,000,000 of its 12 percent Unsecured Subordinated Notes held by funds managed by John Hancock Capital Growth had been converted into 975,609 shares of common stock. That conversion alone will save the company $480,000 per year in interest expense. The combination of both transactions increases shareholder equity by 72 percent over the March 31, 1993, level.
 "We are pleased to move forward with the conversion of this debt on the terms we negotiated in 1990," said Scott L. Glenn, chairman and chief executive officer at QUIDEL. "This transaction along with our recently announced debt to equity conversion with John Hancock Capital Growth has improved the balance sheet considerably and has increased shareholders equity."
 QUIDEL Corp. develops, manufactures and markets rapid immunodiagnostic products for family planning and family care. These products, which provide simple, accurate and cost-effective diagnoses in the areas of human fertility, infectious diseases, allergy and autoimmune disorders, are designed for use in the physician's office, clinical laboratory and home testing markets.
 -0- 7/14/93
 /CONTACT: Scott L. Glenn, chairman and CEO, 619-552-7900, or Mark Francois, director of investor relations, 619-552-7931, both of QUIDEL/
 (QDEL)


CO: QUIDEL Corp.; Amoco Technology Co.; John Hancock Capital Growth ST: California IN: MTC SU:

LS-MF -- SD002 -- 1194 07/14/93 08:02 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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