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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Rocketman who wrote (6095)	12/8/1998 1:41:00 AM
From: Vector1	Read Replies (1) \| Respond to of 9719

HUmble beginnings: ChemTrak files for Chapter 11 bankruptcy SUNNYVALE, Calif., Dec 7 (Reuters) - ChemTrak Inc. said Monday that it has filed for Chapter 11 protection from creditors in the U.S. Bankruptcy Court in the Northern District of California. The filing, on Nov. 23, was one of the terms required in a letter of intent signed with the San Jose, Calif.-based Clinimetrics Research Associates Inc., which agreed to acquire all assets and operations of ChemTrak in exchange for a payment and the assumption of certain liabilities. The amount of the deal was not disclosed. Proceeds of the sale are expected to satisfy the claims of secured creditors and a substantial amount of the unsecured creditors, ChemTrak said in a statement. The deal is subject to several conditions including the approval of ChemTrak's board of directors. ChemTrak is a medical diagnostics company that manufactures home medical test products. --------------------------------------------------------------------------------