CMTR-CHEMTRAK FDA OK Message Board

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Biotech / Medical : CMTR-CHEMTRAK FDA OK

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To: Amots who wrote (1087)	6/23/1998 11:37:00 AM
From: surfinSteve	Read Replies (1) of 1172

CMTR seeks buyout, also having payment problems: biz.yahoo.com SUNNYVALE, Calif., June 23 (Reuters) - ChemTrak Inc. said Tuesday it has requested a meeting of its creditors to discuss a moratorium on its payment of unsecured accounts pending a private placement, and it is in talks with a number of companies about the possible sale of the firm. Chemtrak said a private placement of up to $2 million is currently underway and expected to complete within the next 45 days, although the deal is not underwritten. ''Our first step will be to reorganize the company to significantly reduce expenses,'' said President and Chief Executive Edward Covell. ''We believe our strong retail distribution and continued sales of our products at more than 20,000 outlets make our company an attractive merger or acquisition candidate,'' he said. ''We are in early discussions with several firms.'' ChemTrak makes the Parent's Alert Home Drug Test service, the CholesTrak Home Cholesterol test and the ColoCARE Home Test to detect the early warning signs of colorectal disease.

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