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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): November 24, 1998
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Oncor, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Maryland
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(State or Other Jurisdiction of Incorporation)
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0-16177 52-1310084
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(Commission File Number) (I.R.S. Employer Identification No.)
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209 Perry Parkway, Gaithersburg, Maryland 20877
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(Address of Principal Executive Offices) (Zip Code)
(301) 963-3500
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(Registrant's Telephone Number, Including Area Code)
N.A.
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
See attached press release.
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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.
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(Registrant)
By: /s/ John L. Coker
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Name: John L. Coker
Title: Chief Financial Officer
Dated: November 25, 1998
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PRESS RELEASE
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FOR FURTHER INFORMATION CONTACT: ONCOR, INC.
Jose Coronas, 209 Perry Parkway
Chairman and Acting CEO Gaithersburg, MD 20877
Cecil Kost, (301) 963-3500
President and COO Fax (306) 926-6129
John Coker email: [email protected]
Chief Financial Officer
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FOR IMMEDIATE RELEASE
ONCOR, INC. SURRENDERS ASSETS TO SATISFY
SECURED DEBT OBLIGATION
VENTANA MEDICAL SYSTEMS, INC. (VMSI) ACQUIRED ONCOR'S
IN SITU HYBRIDIZATION BUSINESS ASSETS FOR $5.5 MILLION IN CASH
GAITHERSBURG, MARYLAND - NOVEMBER 24, 1998 . . . ONCOR, INC. announced today
that it has voluntarily surrendered assets related to its in situ Hybridization
business to certain of the Company's secured creditors who, as previously
announced, had declared Oncor to be in default of its obligations. Ventana
Medical Systems, Inc. (VMSI) has acquired Oncor's in situ Hybridization business
assets from the Company's secured creditors with Oncor's consent. The aggregate
consideration paid by Ventana for those assets was $5.0 million in cash at
closing and an additional $0.5 million conditional consideration. All rights to
the INFORM(R)HER-2/neu test were conveyed to Ventana, in addition to accounts
receivable, inventory, equipment and intellectual property related to all other
products sold commercially by Oncor for cancer research purposes.
Approximately $4.1 million of the proceeds were used to satisfy the full amount
owed by Oncor to the secured creditors who had declared Oncor to be in default.
This transaction is part of the company's previously announced plan to reduce
its scope of operations and on-going operating expenses in order to meet its
past due obligations to trade creditors and a potential redemption right of
preferred stockholders. The remainder of the proceeds from this transaction
will be used to continue to implement the plan and to reduce its obligations to
trade and other creditors.
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 (including the Company's Form 10-Q
filed on November 16, 1998) 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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