ChromaVision Stock Deal Restructured

ChromaVision Medical Systems Inc. in San Juan Capistrano said it agreed to sell up to $5 million in stock this year to IncuVest LLC in a private placement, representing a restructuring of an earlier deal.

Previously, IncuVest agreed to purchase additional shares worth $5 million before Dec. 31, 2000, at $12.48 a share.

Under terms of the new agreement, ChromaVision can call upon IncuVest, a private investment fund and existing shareholder of ChromaVision, to purchase shares between March 30 and Dec. 28. The purchase prices would be based on the average closing price of ChromaVision common stock during a 20-day trading period before ChromaVision’s request. The price, however, would be limited to $7 to $14 a share, regardless of ChromaVision’s market price.

Shares of ChromaVision, which makes imaging systems to detect cellular diseases, edged up 63 cents to $5 Thursday in Nasdaq trading.