SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1995
Commission file number 0-16177
ONCOR, Inc.
(Exact name of registrant as specified in its charter)
Maryland 52-1310084
(State of Incorporation) (I.R.S. Employer Identification No.)
209 Perry Parkway
Gaithersburg, Maryland 20877
(Address of principal executive offices)
(Zip code)
(301) 963-3500
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES x NO
At October 31, 1995 there were 20,960,684 shares of Common Stock
outstanding. <PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The unaudited consolidated balance sheet as of September 30,
1995, the audited consolidated balance sheet as of December 31,
1994, and the unaudited consolidated statements of operations for
the three month and nine month periods ended September 30, 1995
and 1994, and of cash flows for the nine month periods ended
September 30, 1995 and 1994, set forth below, have been prepared
pursuant to the rules and regulations of the Securities and
Exchange Commission (the "Commission"). Certain information and
note disclosures normally included in the annual financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to
those rules and regulations. Oncor, Inc. (the "Company")
believes that the disclosures made are adequate to make the
information presented not misleading.
In the opinion of management of the Company, the
accompanying financial statements reflect all adjustments
(consisting only of normal recurring adjustments) that are
necessary for a fair presentation of results for the periods
presented. It is suggested that this financial information be
read in conjunction with the Form 10-K filed with the Commission
for the year ended December 31, 1994.
The results for the third quarter and nine months ended
September 30, 1995, presented in the accompanying financial
statements, are not necessarily indicative of the results for the
entire year.<PAGE>
ONCOR, INC.
CONSOLIDATED BALANCE SHEETS
As of
Sept. 30, 1995 Dec. 31, 1994
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $5,985,535 $9,749,911
Short-term investments, at market 4,786,898 4,923,416
Accounts receivable, net of allowance
for doubtful accounts of approxi-
mately $272,000 and $173,000 4,039,105 3,698,336
Inventories 7,576,129 5,402,401
Other current assets 1,064,730 939,123
Total current assets 23,452,397 24,713,187
NON-CURRENT ASSETS:
Property and equipment, net 6,697,734 4,612,006
Liquid securities investments - 8,627,706
Deposits and other non-current assets 57,641 110,763
Investment in affiliate 827,888 2,725,805
Note receivable from affiliate 715,751 715,751
Intangible assets, net 9,714,146 10,020,092
Total non-current assets 18,013,160 26,812,123
Total assets $41,465,557 $51,525,310
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $3,229,191 $2,902,951
Customer deposits - 104,383
Accrued expenses and other current
liabilities 1,009,413 1,502,224
Short-term borrowings 986,641 907,555
Current portion of long-term debt 2,660,854 3,089,648
Total current liabilities 7,886,099 8,506,761
NON-CURRENT LIABILITIES:
Notes payable 956,496 2,422,079
Deferred rent 36,438 91,081
Total non-current liabilities 992,934 2,513,160
Total liabilities 8,879,033 11,019,921
MINORITY INTEREST IN CONSOLIDATED 3,006,801 226,428
SUBSIDIARY
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value, 1,000,000
shares authorized, no shares issued - -
Common stock, $.01 par value,
50,000,000 shares authorized,
21,020,259 and 20,743,347 issued;
20,955,850 and 20,663,938 outstanding 209,558 206,639
Additional paid-in capital 95,364,414 94,734,791
Unrealized gain (loss) on investments (30,469) (1,948)
Cumulative translation adjustment 393,549 (13,224)
Retained deficit (66,136,817) (54,426,785)
Less - 79,409 shares of common
stock held in treasury, at cost (220,512) (220,512)
Total stockholders' equity 29,579,723 40,278,961
Total liabilities and
stockholders' equity $41,465,557 $51,525,310
The accompanying notes are an integral part of these
Consolidated Financial Statements.
ONCOR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
GROSS REVENUES:
Product sales $3,734,216 $2,497,523 $11,667,730 $8,188,694
Grants and contracts 289,596 131,313 885,184 131,313
Gross revenues 4,023,812 2,628,836 12,552,914 8,320,007
OPERATING EXPENSES:
Direct cost of sales 1,807,001 1,514,040 5,621,085 4,545,547
Amortization of
intangibles 339,636 - 999,462 -
Selling, general and
administrative 3,408,079 2,631,034 9,712,027 5,847,478
Research and development 2,411,221 2,063,910 6,933,780 6,283,238
Write off of acquired
research & development
projects in process - 1,110,000 - 3,574,120
Total operating expenses 7,965,937 7,318,984 23,266,354 20,250,383
LOSS FROM OPERATIONS (3,942,125) (4,690,148) (10,713,440) (11,930,376)
OTHER INCOME (EXPENSE):
Investment income 243,588 414,140 951,498 928,700
Other expense, net (136,365) (41,751) (338,211) (55,501)
Foreign exchange profit 58,011 - 33,908 -
Equity in net loss of
affiliate (513,325) (1,216,280) (1,643,787) (2,568,794)
Net other expense (348,091) (843,891) (996,592) (1,695,595)
Net loss ($4,290,216) ($5,534,039) ($11,710,032)($13,625,971)
NET LOSS PER SHARE ($0.21) ($0.28) ($0.56) ($0.71)
WEIGHTED-AVERAGE COMMON
SHARES OUTSTANDING 20,916,937 19,764,832 20,852,431 19,059,575
The accompanying notes are an integral part of these
Consolidated Financial Statements.
ONCOR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the nine months ended Sept. 30,
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($11,710,032) ($13,625,971)
Adjustments to reconcile net loss to
net cash used in operating activities:
Write off of acquired research &
development - 3,574,120
Depreciation and amortization 2,130,305 1,045,460
Equity in net loss of affiliate 1,643,787 2,568,794
Changes in operating assets
and liabilities:
Accounts receivable (228,942) 432,724
Inventories (2,070,153) (701,304)
Other current assets (28,902) (187,666)
Deposits and other assets 5,187 (331,078)
Accounts payable 257,605 383,172
Customer deposits (105,508) (299,995)
Accrued expenses and other
current liabilities (534,214) 41,359
Deferred rent (54,643) (54,644)
Net cash used in operating
activities (10,695,510) (7,155,029)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (2,961,690) (506,998)
Acquisition of businesses (107,798) (3,974,649)
Unrealized loss on investments (28,521) -
Purchase of minority interest in
subsidiary (82,315) -
Redemptions of investments 8,764,224 100,000
Net cash provided (used) in
investing activities 5,583,900 (4,381,647)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from sale of common stock - 25,068,665
Proceeds from sales of stock of
subsidiary 3,034,503 -
Purchase of treasury stock - (148,125)
Exercise of stock options and warrants 632,542 710,362
Increase in deferred offering costs - 342,440
Repayment on long term debt (2,881,837) (400,000)
Long term borrowings 645,728 -
Net cash provided by financing
activities 1,430,936 25,573,342
EFFECT OF EXCHANGE RATE CHANGES ON CASH (83,702) -
Net increase (decrease) in cash and cash
equivalents (3,764,376) 14,036,666
CASH AND CASH EQUIVALENTS, beginning of
the period 9,749,911 14,617,594
CASH AND CASH EQUIVALENTS, end of the
period $5,985,535 $28,654,260
The accompanying notes are an integral part of these
Consolidated Financial Statements.
<PAGE>
ONCOR, INC.
NOTES TO FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 1995
(Unaudited)
1. Cash Equivalents and Investments
Investments consist primarily of funds invested in money
market instruments, commercial paper and U.S. government and
French government treasury bills. Investments with maturities
within one year are classified as short-term investments.
Investments in securities with original maturities of three
months or less are considered cash equivalents. Cash of $4.1
million is pledged on a reducing basis over approximately one
year as security to a bank which guaranteed the principal and
interest of a note issued in an acquisition.
Investments that are classified as available-for-sale
securities are carried at fair market value. Unrealized holding
gains and losses are excluded from earnings and reported as a net
amount in a separate component of shareholders' equity until
realized.
2. Intangible Assets
The intangible assets comprise software and technology
acquired, the estimated value of contractual positions, and the
excess of the purchase price of acquisitions over the fair market
value of the tangible assets acquired. The intangible assets are
being amortized on a straight line method over periods of two to
10 years, with a weighted average amortization period of
approximately eight years.
3. Net Loss Per Share
Net loss per share is determined using the weighted-average
number of shares of common stock outstanding during the periods
presented. The effects of options and warrants have not been
considered since the effects would be antidilutive.
<PAGE>
4. Pro Forma Results of Acquired Entities
In May 1994, the Company acquired certain assets of
Biological Detection Systems, Inc. and a subsidiary ("Imaging
Business") and in September 1994, acquired 98.5% of the
outstanding capital stock of S.A., a French societe
anonyme, ("Appligene"). The results of operations of Appligene
and the Imaging Business have been included in the Company's
consolidated results of operations from the respective dates of
acquisition. Unaudited pro forma results of operations for the
Company, assuming both of the acquisitions described above
occurred on January 1, 1994, respectively, are as follows:
(unaudited)
Nine Months ended
September 30, 1994
Gross Revenues $11,661,229
Net loss ($11,741,600)
Net loss per share ($0.59)
Such pro forma information is not intended to represent
either the actual results which may have been achieved if the
acquisitions occurred on that date or future results which may be
achieved.
5. Investments in Debt Securities at September 30, 1995
The aggregate fair value of investments in debt securities
as of September 30, 1995 is as follows:
Fixed income funds $ 5,543,193
Government securities
$U.S. denominated 1,750,823
French government securities,
denominated in francs 1,631,333
Commercial paper 1,313,838
Total $10,239,187
The securities denominated in francs were acquired as a
currency hedge, in part, against certain of the Company's
franc-related obligations.
<PAGE>
The Company has classified its investments in debt
securities on the consolidated balance sheet as follows:
Cash equivalents $5,452,289
Short term investments 4,786,898
Total debt securities $10,239,187
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Results of Operations
Revenues increased 53% and 51% to $4.0 million and $12.6
million for the three months and nine months, respectively, ended
September 30, 1995 as compared to $2.6 million and $8.3 million
for the corresponding periods of 1994. Product sales increased
$1.2 million and $3.5 million in the third quarter and first nine
months, respectively, of 1995, due primarily to sales
attributable to the Company's European operations, acquired in
September 1994. In the third quarter and first nine months of
1995, revenues also included $0.3 million and $0.9 million,
respectively, in grants and contracts revenue. The underlying
grants and contracts are scheduled to terminate in 1996 and 1997.
Gross profit as a percentage of product sales increased to
52% in the third quarter and first nine months of 1995 from 40%
and 44%, respectively, in the corresponding periods of 1994. The
increases were due primarily to more favorable margins on sales
in Europe and to production efficiencies achieved in the United
States.
Amortization of intangibles of $0.3 million and $1.0 million
in the third quarter and first nine months, respectively, of 1995
is to amortize certain intangible assets, primarily assets
acquired in connection with the acquisition of Appligene. Such
amortization will continue at that approximate rate for the next
several years.
Selling, general and administrative expenses increased by
$0.8 million and $3.9 million for the third quarter and first
nine months, respectively, of 1995 from the corresponding periods
of 1994. Approximately $0.7 million and $2.3 million of the
increases are due to expenses associated with the Company's
marketing and administrative effort in Europe. The remainder of
the increase in the first nine months of 1995 is primarily due to
increased expenses associated with the expansion of the Company's
marketing and field sales force in North America, beginning in
the second half of 1994, and to administrative expenses incurred
by OncorPharm.
Research and development expenses increased by $0.3 million
and $0.7 million for the third quarter and first nine months,
respectively, of 1995 from the corresponding periods of 1994, due
principally to research and development expenses incurred by the
European operations and by OncorPharm.
In the third quarter and first nine months of 1994, there
were $1.1 million and $3.5 million, respectively, in
non-recurring charges to write off acquired research and
development projects in process.
Other expense decreased by $0.5 million and $0.7 million for
the third quarter and first nine months, respectively, of 1995
from the corresponding periods of 1994 due primarily to the
Company's reduced ownership interest in OncorMed in October 1994.
Net losses decreased to $4.3 million ($0.21 per share) and
$11.7 million ($0.56 per share) in the third quarter and the
first nine months of 1995 from $5.5 million ($0.28 per share) and
$13.6 million ($0.71 per share), respectively, in the
corresponding periods of 1994. These decreases were due
principally to the factors discussed above.
Factors That May Affect Future Results and Financial Condition
The Company's future business, results of operations and
financial condition are dependent on the Company's ability to
successfully develop, manufacture and market its gene-based test
systems and other products. Inherent in this process are a
number of factors that the Company must successfully manage in
order to be successful.
Risk Associated with HER-2/neu Gene-Based Test System. The
Company anticipates that an FDA panel review for its HER-2/neu
gene-based test system will take place on November 30, 1995. No
assurance can be given as to the timing of such panel review,
that additional testing or data will not be required following
such panel review or that such panel review will be favorable. A
favorable panel review is only a recommendation for FDA approval.
No assurance can be given that the Company will obtain final FDA
approval for its HER-2/neu gene-based test system or the timing
of such approval if the panel recommendation is favorable. An
adverse panel review decision or the failure to obtain FDA
approval for its HER-2/neu gene-based test system on a timely
basis, or at all, would have a material and adverse effect on the
Company's business, financial condition and results of
operations. In the event that the Company receives final FDA
approval for its HER-2/neu gene-based test system, there can be
no assurance that the Company will be capable of manufacturing
the test system in commercial quantities at reasonable costs or
marketing the product successfully, that the test system will be
accepted by the medical diagnostic community, or that the market
demand for the test system will be sufficient to allow profitable
sales.
No assurance of Regulatory Approvals; Government Regulation.
The Company's products are subject to extensive regulation by
governmental authorities in the United States and other
countries. Although the Company may sell its products in the
United States for research purposes only, it may not sell such
products in the United States for diagnostic purposes until it
receives approval from the FDA. The Company has obtained FDA
approval for one of these products for sale for diagnostic
purposes and is currently pursuing FDA approval of certain
existing products and expects to pursue FDA approval of several
additional products under development. There can be no assurance
that the Company will receive regulatory approval for any of its
products or, even if it does receive regulatory approval for any
of its products or, even if it does receive regulatory approval
for a particular product, that the Company will ever recover its
costs in connection with obtaining such approval. The failure of
the Company to receive requisite approval, or significant delays
in obtaining such approval, could have a material and adverse
effect on the business, financial condition and results of
operations of the Company. Sales of the Company's products
outside the United States are also subject to extensive
regulatory requirements, which vary widely from country to
country. The foreign regulatory approval process includes all of
the risks associated with FDA approval set forth above.
Additionally, the Company is or may become subject to various
federal, state and local laws, regulations and recommendations
relating to safe working conditions, laboratory and manufacturing
practices, the experimental use of animals and the use and
disposal of hazardous or potentially hazardous substances,
including radioactive compounds and infectious disease agents,
used in connection with the Company's research and development
work. The Company is unable to predict the extent of future
government regulation.
Patents and Proprietary Rights. The Company's success will
depend in large part on its, or its licensors' ability to obtain
patents, defend its patents, maintain trade secrets and operate
without infringing upon the proprietary rights of others, both in
the United States and in foreign countries. Litigation and
patent interference proceedings, which could result in
substantial cost to the Company, may be necessary to enforce the
Company's patent and license rights or to determine the scope and
validity of others' proprietary rights. An adverse outcome could
subject the Company to significant liabilities to third parties
and require the company to license disputed rights from third
parties or cease using the technology.
The University of California and its licensee Vysis, Inc.
("Vysis") filed suit against Oncor on September 5, 1995 for
infringement of U.S. Patent No. 5,447,841 entitled "Methods and
Composition for Chromosome Specific Staining" which issued on
that same date. The patent relates to a method of performing in
situ hybridization using a blocking nucleic acid that is
complementary to repetitive sequences. The Company's products
that may utilize this method comprise less than 10% of the
Company's sales. A failure to successfully defend against, or
settle this suit may result in damages being assessed against the
Company and an injunction against sales of some of the Company's
probes. The University of California and Vysis have offered to
grant the Company a non-exclusive license, which is under
consideration by the Company.
The Company has licensed rights to inventions disclosed in
United States and foreign patent applications relating to methods
and probes for detecting the presence of the Fragile X syndrome.
The Company believes that its licensors are original inventors
and are entitled to patent protection in the United States, but
the Company is aware that certain third parties also have filed
patent applications in the United States and abroad and claim to
be entitled to patents related to this technology. The Company
has initiated an interference proceeding with these third parties
in the PTO to resolve which party is entitled to a United States
patent, if any. The application licensed by the Company is
senior in the interference. An unfavorable decision in such a
proceeding could have a material adverse effect on the Company's
business, results of operations and financial condition.
The Company currently has certain licenses from third
parties and in the future may require additional licenses from
other parties to develop, manufacture and market commercially
viable products effectively. There can be no assurance that such
licenses will be obtainable on commercially reasonable terms, if
at all, that the patents underlying such licenses will be valid
and enforceable or that the proprietary nature of the patented
technology underlying such licenses will remain proprietary.
The Company relies substantially on certain technologies,
trade secrets and know-how that are not patentable or proprietary
and are therefore available to the company's competitors.
Although the Company has taken steps to protect its unpatented
trade secrets and know-how, in part through the use of
confidentiality agreements with its employees, consultants and
certain of its contractors, there can be no assurance that these
agreements will not be breached, that the Company would have
adequate remedies for any breach, or that the Company's trade
secrets will not otherwise become known or be independently
developed or discovered by competitors.
Uncertainties Relating to Product Development. The
Company's products may be sold only for research purposes until
approved by the FDA. The Company's existing products that have
not been approved by the FDA as well as the development-stage
products will require substantial additional investment,
laboratory development, clinical testing and FDA approval prior
to their commercialization for diagnostic purposes. There can be
no assurance that the Company will be successful in developing
such existing or future products, that such products will prove
to be efficacious in clinical trials, that required regulatory
approvals can be obtained for such products, that such products,
if developed and approved, will be capable of being manufactured
in commercial quantities at reasonable costs, will be marketed
successfully or will be accepted by the medical diagnostic
community, or that market demand for such products will be
sufficient to allow profitable operations.
International Sales and Foreign Exchange Risk. The Company
anticipates that a significant amount of its sales will take
place in European countries and likely will be denominated in
currencies other than the U.S. dollar. These sales may be
adversely affected by changing economic conditions in foreign
countries, by fluctuations in currency exchange rates and by
certain risks inherent in conducting foreign operations.
Competition and Technological Change. The diagnostic and
biotechnology industries are subject to intense competition and
rapid and significant technological change. Many of the
Company's competitors have substantially greater financial and
technical resources and production and marketing capabilities,
and experience in conducting clinical trials and obtaining
regulatory approvals than the Company. There can be no assurance
that these competitors will not succeed in developing
technologies and products that are more effective, easier to use
or less expensive than those that have been or are being
developed by the Company or that would render the Company's
technology and products obsolete and noncompetitive. The Company
also competes with various companies in acquiring technology from
academic institutions, government agencies and research
organizations.
Investment in OncorMed and OncorPharm. The shares of Common
Stock of both OncorMed and OncorPharm held by the Company are not
currently freely tradeable and no public market exists for the
Common Stock of OncorPharm. Therefore, there can be no assurance
that the Company will be able to realize the economic benefit of
its investment or the timing of such realization. The value of
the Company's investment in OncorMed represents a significant
portion of the total assets of the Company and such value
fluctuates with the market price of OncorMed's common stock and
any event that as a material and adverse effect on the market
price of the common stock of OncorMed will have a material and
adverse effect on the value of the Company's investment in
OncorMed. Although the Company's Chief Executive Officer is a
Director of both OncorMed and OncorPharm, and the Company is a
significant stockholder in OncorMed, the Company does not control
the day-to-day operations and management of either company and,
therefore, has little direct control over their operations and
financial results. Both OncorMed and OncorPharm will require
additional financing in the future. The Company has no
commitment to, and does not currently intend to, provide such
financing. However, the Company may provide such financing in
the future. The failure of either OncorMed or OncorPharm to
obtain any required financing on acceptable terms could have a
material and adverse effect on the value of the Company's
investment in OncorMed and OncorPharm.
Other Factors. Other factors that may affect the Company's
business, financial condition and results of operations, include
the Company's limited manufacturing, marketing and distribution
experience, the level and availability of government funding, the
Company's ability to attract and retain key personnel, potential
health care reform measures and the availability of third-party
reimbursement, potential product liability claims, and
environmental risks.
Liquidity and Capital Resources
The following table sets forth the cash and liquid
investments position of the Company and the most significant
sources and uses of cash in the first nine months of 1995 (in
millions):
First Nine Months
1995
Cash and liquid investments at beginning
of period $23.3
Loss from operations, less noncash charges (7.9)
Net investment in working capital (2.8)
Purchases of equipment and leasehold
improvements (3.0)
Principal portion of debt service (2.9)
Private offering of preferred stock of
a subsidiary 3.0
Proceeds from exercise of options,
long-term borrowings and other 1.1
Cash and liquid investments at
September 30, 1995 $10.8
The cash loss from operations is discussed above.
The net investment in working capital in the first nine
months of 1995 relates to (i) inventory stocking to achieve
production efficiencies, (ii) establishment of base stocks of
Appligene products in the United States and of Oncor products in
Europe and (iii) establishment of base stocks of other new
product lines. Such investment is not expected to continue at
this rate.
Purchases of equipment and leasehold improvements were
primarily for (i) construction of the OncorPharm laboratory,
(ii) leasehold improvements made at the Company's European
facility and (iii) replacement of communication and data
processing systems. The Company expects the level of capital
purchases to continue at a reduced rate through the remainder of
1995 and 1996.
The principal portion of debt service relates principally to
debt incurred in connection with acquisitions made in 1994 and is
expected to continue at a reduced rate through the third quarter
of 1996.
Net losses of $0.3 million and $1.3 million in the third
quarter and first nine months, respectively, of 1995 relating to
the activities of OncorPharm contributed to the loss from
operations. This subsidiary completed a private placement of
preferred stock in April 1995, securing additional funding of
approximately $3.0 million.
As derived from the preceding table, net cash used by the
Company for operating activities has averaged $0.9 million per
month in the first nine months of 1995 and has made significant
additional expenditures in the ordinary course of business. It
has approximately $10.8 million in cash and liquid investments as
of September 30, 1995. Although the Company believes that such
cash losses may be reduced in 1996, there can be no assurance of
that result. Currently, the Company is exploring potential
options to secure additional cash funding. These potential
options include (i) public or private financing by the Company or
its subsidiaries, (ii) strategic alliances or collaborations with
certain industry partners and (iii) the liquidation of certain of
its non-operating assets. The terms of such financings will have
the effect of diluting or otherwise adversely affecting the
holdings or the rights of existing stockholders of the Company.
There can be no assurance that any of the aforementioned
financing efforts will be successful or that adequate funding
will be available when needed or on terms acceptable to the
Company. If such efforts are unsuccessful, the Company may be
required to delay or eliminate expenditures for certain of its
products or to lease to third parties the rights to commercialize
products or technologies that the Company would otherwise seek to
develop itself.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a. The following exhibits are filed as part of this report on
Form 10-Q.
None.
b. Reports on Form 8-K.
None.
<PAGE>
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 thereunto duly authorized.
ONCOR, INC.
(Registrant)
Date: November 14, 1995
Stephen Turner, Chairman and Chief
Executive Officer
Date: November 14, 1995
John L. Coker, Vice President
of Finance and Administration,
Chief Financial Officer
<PAGE>
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 thereunto duly authorized.
ONCOR, INC.
(Registrant)
Date: November 14, 1995 /s/ Stephen Turner
Stephen Turner, Chairman and Chief
Executive Officer
Date: November 14, 1995 /s/ John L. Coker
John L. Coker, Vice President
of Finance and Administration,
Chief Financial Officer
<PAGE>
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<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
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