Ilex, PRN Research Inc. deal

PRN, an oncology practice management organization, will refer all contract research business to ILXO. The companies will provide clinical development services, including protocol design, access to patients for clinical trials, organization of trials, monitoring, data collection and analysis and preparation of final reports. The agreement will build upon ILXO's existing contract preclinical and clinical services business, which generated $1.5 million in revenues in 1996.

ILXO issued 312,000 common shares to PRN, and could issue up to 2.2 million additional shares over the next four years contingent upon the performance of ILXO's contract clinical research business and other conditions. ILXO, which closed at $17 on Friday, has 12.2 million shares outstanding after the issuance. ...