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Biotech / Medical : CMTR-CHEMTRAK FDA OK -- Ignore unavailable to you. Want to Upgrade?

To: Ipso facto who wrote (1142)	11/23/1998 7:32:00 PM
From: Mr. E	Read Replies (1) \| Respond to of 1172

SUNNYVALE, Calif.--(BUSINESS WIRE)--April 30, 1998--ChemTrak Inc. (Nasdaq:CMTR) Thursday announced that it has raised approximately $1 million from the private placement of redeemable convertible preferred B stock. This placement is the first of two tranches. The preferred B shares are convertible into common stock 90 days after closing. The preferred stock bears cumulative dividends at an annual rate of 6 percent, payable in shares of common stock or cash at the company's option. The preferred B shares, after adjustment to account for any accrued dividend that has not been paid in cash, is convertible at a conversion price equal to the lower of (1) 100 percent of the five-day Nasdaq average closing-bid price on the date of each individual closing, or (2) 75 percent of the five-day average Nasdaq closing-bid price at time of conversion. An additional tranche of up to $2 million convertible preferred B is expected to close later in the second quarter. In February 1998, the company announced the private placement of $1.3 million of convertible preferred A shares.